Even though the stock market has been extraordinarily volatile over the past month, most investors are not changing their allocations to stocks and bonds, according to the RBC Consumer Outlook Index.

Consumer spending, however, is another matter. The volatility is making a small minority, 26%, of consumers skittish, as they plan to reduce their spending.

“Despite the majority of Americans saying that the recent stock market swoon will not impact their spending habits, the fact that more than 25% of respondents say that they expect to spend less suggests a consumer predisposed, in the aggregate, to rein in spending,” said Tom Porcelli, chief U.S. economist at RBC Capital Markets “For those respondents who own stock, the majority appear to be taking a wait-and-see approach, which is generally consistent with the notion that retail holders remain a bit more ‘sticky.’”

Overall, the RBC Consumer Outlook Index held steady at 40.2 in August, up from 40.1 in July.

The RBC Consumer Outlook index is based on interviews with 1,000 investors.