Fifty-four percent of Americans favor cash investments with money that is not needed for over 10 years, according to a recent study by Bankrate.com.

But with so many Americans relying on cash investments to build wealth, versus long-term investments like stocks or bonds, they may find themselves coming up short in meeting their financial goals.

"While cash investments are entirely appropriate for short-term needs, such as an emergency fund, they are completely inappropriate for long-term horizons," said Greg McBride, chief financial analyst for Bankrate.com. "Your rate of return on cash is typically below the rate of inflation so overtime you're actually losing buying power on your money."

And while cash is king for some, Bankrate.com found that it's not the most popular investment option for money not needed for at least 10 years. In fact, real estate comes in first, with 25 percent choosing to target it as their investment choice. Following real estate is cash at 23 percent. Stocks and precious metals tied for 16 percent. Bonds were the least popular option with only 5 percent.

Cash is especially popular among millennials, that chose it by more than a 2 to 1 margin, for money not needed for at least 10 years.

"Millennials are gonna have the biggest retirement savings burden in history, and the only way they're going to get the nest egg they need to have a secure and comfortable retirement is if they have the higher returns for riskier investments," McBride said.

Older millennials, in the 26 to 35 age range, looked to real estate as their top choice for long term investments.

The survey also took a look at how Americans are feeling about their job security, and found that for the 26th consecutive month, Americans' sense of financial well-being continues to improve.

"The one thing that has been consistent is that people are feeling more secure in their jobs and we've seen that dating back all the way back to 2012, so the labor markets continue to improve," McBride said.

The survey also found that for the first time women are feeling more secure with their financial security than men.

The Bankrate.com's Financial Security Index measures financial security by asking questions about net work, job security, debt, savings and overall financial situation.

This survey was completed by Princeton Survey Research Associates International from July 7-10, 2016.

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