Bank of America\u2019s newest survey\u00a0shows that at the end of 2022, fewer participants took hardship withdrawals and loans.<\/p>\n
Participants taking a hardship distribution declined in the fourth quarter of 2022, with the average at 0.4%, down from 0.5% in the third quarter. Also, the average hardship amount also declined in the fourth quarter from the third by 8%.<\/p>\n
For loans<\/strong>, the fourth quarter data shows that 60,789 participants borrowed from their workplace plan, which was a decline of 12% from the third quarter. However, loan defaults rose slightly to 15.9%, up from 15.7% in the third quarter and totaling more than $450 million.<\/p>\n Despite the. good news, the average plan participant contribution rate dropped slightly from 6.6% at the end of 2021 to 6.4% at the end of 2022.<\/p>\n <\/span><\/p>","protected":false},"excerpt":{"rendered":" Bank of America\u2019s newest survey\u00a0shows that at the end of 2022, fewer participants took hardship withdrawals and loans. Participants taking a hardship distribution declined in the fourth quarter of 2022, with the average at 0.4%, down from 0.5% in the … Continue reading