Real estate is Americans' preferred investment for money not needed for at least a decade, according to a new Bankrate.com study.

27% picked real estate, followed by 23% who said cash and 17% who selected the stock market. The preference for real estate is especially pronounced in the western U.S., where this was cited nearly two-to-one over any other investment option.

• Millennials had the highest preference for cash among all age groups.
  
  
• Households headed by college graduates are the only group to prefer stocks.

"Most Americans are still not embracing the stock market for long-term investment horizons," said Greg McBride, CFA, Bankrate.com's chief financial analyst. "Many still fear short-term volatility more than they desire the higher long-term returns." The S&P 500 has risen 27% over the past two years, but Americans are only three percentage points more likely to favor stocks now than they were in 2013.

Gold and other precious metals ranked fourth on this year's list with 14% of the vote. Bonds were last among the five options, at 5%.

The Bankrate.com Financial Security Index slipped to 102.1, the second-lowest level of 2015. Americans' job security decreased and their already dour feelings on savings got more so. These trends were particularly pronounced among women. Consumers are also feeling less comfortable with their debt.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: http://www.bankrate.com/finance/consumer-index/financial-security-charts-0715.aspx