Bank of America head: 'The data from our report tells two stories – one of balance growth, optimism from younger employees and maintaining contributions, contrasted with a trend of increased plan withdrawals'

Bank of America published its Q2 2023 Participant Pulse on Aug. 8, revealing a rise in average 401(k) balances by $7,250 (9.6%) since the close of 2022. The report additionally noted a rising trend of 401(k) participants initiating withdrawals from their plans, according to a press release.