Despite COVID-19, employees are still saving for retirement

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Despite the financial challenges of COVID-19, employees mostly have stayed the course and continued socking away money for retirement, according to a new report.


Last year, nearly 60% of employees participated in their workplace retirement plan—consistent with pre-pandemic participation rates in 2019, according to Bank of America, which dove into insights from the more than 3 million participants in the 401(k) plans they administer. The average 401(k) account balance grew to $81,000 in 2020 from $74,000 in 2019.

“Over the last year, employees across various industries continued to make progress toward their financial goals in the face of unprecedented challenges,” says Lorna

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