U.S. — Vanguard released its 'How America Saves 2026' report on April 21, 2026, based on data from nearly 5 million defined contribution plan participants. The report indicated that the average 401(k) balance in Vanguard-administered accounts reached $167,970 at the end of 2025, a 13% increase from year-end 2024.

The median 401(k) balance for Vanguard participants was $44,115 at year-end 2025. In 2025, 6% of Vanguard participants made a hardship withdrawal, up from 5% in 2024. The rate of hardship withdrawals in 2025 was triple the pre-pandemic rate. The median hardship withdrawal amount for Vanguard participants in 2025 was $1,900.

Jeff Clark, Vanguard's head of defined contribution research, said, "At comparable income levels, women are more likely to participate in plans and often save at slightly higher rates." He added, "They also tend to invest more consistently, using professionally managed options and trading less frequently — behaviors linked to stronger long-term outcomes." Clark noted, "While women have lower balances on average due to income differences, that gap narrows significantly when comparing participants at similar income levels."

The report showed that the average 401(k) balance for men in Vanguard-administered accounts was $194,597 in 2025, while for women, it was $146,476. The Department of Labor reported that full-time working women earn approximately 81% of what their male counterparts earn. For retirement savers with incomes between $30,000 and $149,999, women's average account balances were within 10% of men's.

Among savers earning between $30,000 and $49,999, women held an average balance of $31,806, compared to men's average of $31,288. Women allocated an average of 50% of their assets to target-date funds, while men allocated 42%. Men held 42% of their assets in diversified equity funds, compared to 37% for women. Both men and women had an average of 6% of their assets in bonds and 3% in cash.

Teresa Ghilarducci, an economist at the New School, said, "Low-income workers excluded from these plans for decades doubt the payoff of a 401(k)." She added, "Many low-income earners 'really want me to sit down and explain how it worked for them, because they've just been excluded from a system like this for their whole careers.'" Ghilarducci said, "'They want to know what the catch is.'"