More Americans Borrowing from 401(k)s to Get By Financially

401(k) data from Bank of America shows savers increasingly dipping into their retirement funds to make ends meet.

Woman reviewing paperwork on laptop
(Image credit: Ameriprise)

As inflation slowly recedes from last year's highs, many Americans are still struggling to pay their bills. Newly released data from Bank of America reveals concerning signs that retirement savers are increasingly borrowing from their 401(k)s to make ends meet.

Growing 401(k) hardship and loans

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.