More low- and middle-income Americans are investing, report finds. Here's why

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Even as many consumers feel stretched to cover rising daily costs, more low- and moderate-income individuals have turned to investing, according to a new report.

Since 2020, the number of low- and moderate-income investors has increased by 2.7 times, or 167%, according to new research from the BlackRock Foundation, the private philanthropic arm of BlackRock

, and Commonwealth, a national nonprofit focused on financial security.

Those findings come from JPMorganChase Institute data based on billions of de-identified data transactions from about 10 million active checking account users. The firm tracked money transferred to investment accounts, though it did not identify the types of investments chosen.