BofA Report Finds 401(k) Account Balances Increased By 15% In 2023, Health Savings Account Balances Increased By 11%
Portfolio Pulse from Benzinga Newsdesk
Bank of America's Q4 2023 Participant Pulse report reveals a 15% increase in average 401(k) account balances and an 11% increase in Health Savings Account balances. The report, analyzing over 4 million participants, shows a doubling in the percentage of participants who increased their 401(k) contributions in Q4. Additionally, fewer participants took loans from their 401(k) plans, and the average loan amount decreased. The report also highlights that Millennials are saving a higher percentage of their HSA contributions compared to other generations.
February 07, 2024 | 1:17 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bank of America's Q4 2023 report indicates a positive trend in retirement and health savings account management among its clients, with increased 401(k) and HSA balances.
The report's findings of increased 401(k) and HSA account balances, along with higher contribution rates and decreased loan activities, suggest a positive trend in financial wellness among Bank of America's clients. This could lead to increased trust and engagement with BofA's wealth management services, potentially boosting the company's reputation and financial performance in the wealth management sector.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90