Working hard to get participants saving is a never-ending battle. Just look at Vanguard’s 2021 How America Saves Survey to see how much money the average American in their 30s has saved up in their 401(k) account. Here’s what they found:
- Average 401(k) balance of ages 25–34: $33,272 (average); $13,265 (median)
- Average 401(k) balance of ages 35–44: $86,582 (average); $32,664 (median).
That’s not a whole lot of money and just eye opening. We clearly need to do more for participants to save more.