Nearly half (41%) of American investors are more optimistic about a near-term economic recovery than they were a year ago, according to a national survey of over 150 investors recently conducted by Q & A Research, Inc. In contrast, only 25% were less optimistic.

“I think this is good news,” stated Warren Pino, President of the San Francisco Bay Area research firm. “Recovery is not only tied to economic indicators, but is also dictated to some extent by what people believe or feel.”

Interestingly, those under 45 and males were more likely than their demographic counterparts to hold this positive outlook.

The survey revealed that investors are backing up their optimism with near-normal portfolio allocations. Prior to the economic downturn, survey participants reported that 33% of their holdings were in relatively liquid investment vehicles like CDs, savings, and money market accounts. That proportion is now estimated to be 36%. Comparable near-normal holdings were reported for investments in high and low risk stocks and mutual funds, as well.

The industry survey also identified a troubling finding for full service brokerage houses. While the majority of investors (63%) have an unchanged opinion of these firms, over the course of the sluggish economy, some 30% have a more negative regard for them today. Only 7% now think more highly of full service brokerages.

The news for discount brokerages is better on this measure. The opinion of three quarters (74%) of investors is unchanged, with just as many having a more positive regard for these firms (13%) as a more negative one (13%).