Cash-Strapped Americans Dip Into 401k Accounts
View Source | February 2, 2023 5:31 pm
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- Burdened by higher prices and struggling to save, more Americans have been dipping into their 401(k) accounts to cover financial emergencies.
- An average of two percent of people tapped into their 401(k) Vanguard Group account before the pandemic but in 2021, this figure rose to 2.1 percent.
- The latest 2022 figures showed that 2.8 percent of people who use Vanguard’s 401(k) service withdrew money from their accounts.
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