While 40% of people say the financial crisis of 2008 has had no lasting impact on their life, 42% say they now avoid the market and 46% have adjusted their spending and savings habits, Hartford Funds found in a survey.

Additionally, 26% plan to work longer than they had hoped as a result of financial hardship related to the recession, and 25% plan to change jobs or take on additional jobs.

“Americans are forgetting what it felt like during those challenging times of 2008-11,” says John Diehl, senior vice president of strategic markets at Hartford Funds. “These results signify that advisers should continue to remind clients that markets can get turbulent, so they should steer clear of emotional investments and knee-jerk reactions by maintaining a fundamentally diversified portfolio to help them achieve their long-term financial goals.”

Asked how they are preparing for the next recession or market downturn, 43% said they are taking a wait-and-see approach to the markets. Only 17% are confident about their investments, and 21% are increasing their investments to take advantage of the upside.

Twenty-three percent are withdrawing cash from their investments to prepare for the next recession. Among Millennials, 26% report this behavior.

Millennials also have the least faith in the markets, with 48% avoiding the market altogether. Hartford Funds says this may be because for many Millennials, they were entering the labor force just when the Great Recession hit. Twenty-four percent plan to work longer, and 38% are saving more.

CARAVAN conducted the telephone survey of 1,006 adults for Hartford Funds in mid October.