Retirement Plan Borrowing Declines to 1.9%

Bank of America has reported a decline in the percentage of employees borrowing from their workplace retirement plans.

According to data from the institution, 1.9% of participants took a loan from their workplace retirement plan during the quarter.

This figure represents a decrease from the previous quarter, when 2.3% of participants utilized retirement plan loans.

The findings also indicate that 401(k) savers continue to make contributions to their retirement accounts despite the borrowing activity.