While men still save 50 percent more money than women overall, the gender imbalance is closing when it comes to the 401(k) balances of younger generations, according to new data from Bank of America.
According to the 2023 Financial Life Benefits Impact Report, the average 401(k) balance among men is $89,000 vs. $59,000 for women. baby boomer (ages 58 to 76) and Gen X (ages 43-57) men have significantly greater account balances than women in their generations (87 percent vs. 53 percent, respectively).
But…
