BofA Data Finds Men’s Average 401(k) Account Balance Exceeds Women’s by 50%

2023 Financial Life Benefits® Impact Report


Author: Funds Society, Miami

Baby Boomer (ages 58-76) and Gen X (ages 43-57) men have significantly greater account balances than women in their generations (87% vs. 53%, respectively)

However, the gap between Millennial (ages 28-42) men and women is only 23%. Gen X continue to have the highest 401(k) participation rate (65%) across generations, followed by 57% of Baby Boomers and 55% of Millennials