Women Have Significantly Less Saved in 401(k)s Than Men — And What to Do About It

A man and a woman look at financial statements together.

You’ve probably heard of the gender pay gap. But a new report from Bank of America reveals there’s a sizable gender gap when it comes to retirement savings, too.

The gap is large enough to put women on notice that a secure retirement isn’t a sure thing unless they start socking away more for their golden years. The average 401(k) account balance for men ($89,000) is 50% greater than that of women ($59,000), according to BofA’s just released 2023 Financial Life Benefits Impact Report. The report looks at the bank’s retirement plans that serve more than 25,000 companies and six million employees.