Bank of America: Average 401(k) balance up 9.8% to $122,560 as hardship withdrawals rise to 1%
Key points
- Average 401(k) balance reached $122,560 in September, up 9.8% from year-end 2025.
- Share of participants taking hardship withdrawals rose to 1%, up from 0.88% in Q2.
- Average contribution rate held at 7.3%.
Bank of America's Q3 2026 Participant Pulse report shows average 401(k) balances rose 9.8% from year-end 2025 to $122,560 by September. The share of participants taking hardship distributions rose to 1% from 0.88% in Q2 and 0.79% a year earlier. The average hardship amount was $5,220, up from $4,990 the previous quarter. The average contribution rate held at 7.3%.
What employers should do
- Monitor hardship withdrawal trends among employees and assess their impact on retention.
Original report: Human Resources Director ↗AI-assisted brief; may contain inaccuracies. Rely on the original reports and official documents. For information only; not legal, immigration or insurance advice.