While older men have the largest 401(k) account balances and younger women have the smallest, young women are beginning to close this long-standing gender gap in 401(k) savings, according to Bank of America's 2023 Financial Life Benefits Impact Report.
The study revealed that the average 401(k) account balance among men is 50% greater ($89,000) than the account balances of women ($59,000), but for millennials, that gap has closed to only 23%. Baby boomer men have 87% more saved for retirement than female baby boomers, and Gen X men have 53% more saved than Gen X women, the report said.
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