Report finds 401(k) account balances increased 15% in 2023 Bank of America Retirement and Personal Wealth Solutions, in partnership with Bank of America Institute, released its fourth quarter 2023 Participant Pulse (MAP6212241), which found that average 401(k) account balances rose 15% to $86,280 in 2023, increasing from $75,045 at the end of 2022, due to a combination [...]
Report shows fewer prospective homebuyers willing to wait for a better market Prospective homebuyers’ patience may be waning, with fewer willing to wait until home prices or interest rates come down to purchase a home, according to new data from the Bank of America Homebuyer Insights Report (PDF). Today, 62% are willing to wait for prices and/or [...]
Research calls 2024 “The Year of the Landing” Few have experienced today’s macro uncertainty in their lifetime, and investors have underappreciated and underpriced its impact. The recession that many expected in 2023 never arrived. Inflation rates peaked in the fall of 2022 in many geographies and disinflation continued throughout 2023, despite economies being generally stronger [...]
BofA doubles Support for Veteran Loan Fund Bank of America is seeding a second round of financing for Veteran Loan Fund, doubling a two-year-old commitment that has already funded more than 500 small businesses built by former military personnel that have created or retained more than 3,000 jobs across 37 states. The fund’s first $15 [...]
Spontaneous family wealth discussions and decisions can lead to regrets Nearly four in five wealthy families have had unplanned discussions about wealth with 26% later regretting it, according to a new study published by the Merrill Center for Family Wealth™, a part of Merrill Private Wealth Management. The research found 33% of families increased family [...]
BofA second annual More Rewards Day Bank of America announced it will celebrate clients on Thursday, November 9, 2023, with its second annual More Rewards Day – a single day during which bank credit cardholders can earn even more rewards on their purchases. Consumer and Small Business cardholders earned approximately $25 million in extra rewards during More Rewards [...]
Charitable giving above pre-pandemic levels Eighty-five percent of affluent households gave to charity in 2022 with the value of their average gifts rising 19% above pre-pandemic levels, according to the 2023 Bank of America Study of Philanthropy. The study found that affluent households gave an average of $34,917 to charity in 2022, up from $29,269 in [...]
Survey finds many American workers optimistic about their financial future - Bank of America announced findings from its 13th annual Workplace Benefits Report, "The Transforming Workplace" (PDF) The report revealed that two-thirds (67%) of employees believe the cost of living is outpacing growth in their salary or wages, compared to 58% in February 2022. Over the last [...]
Bank of America Increases US Minimum Hourly Wage to $23 as Next Step to $25 by 2025 Bank of America announced it has again increased its U.S. minimum hourly wage for employees on its stated path to $25 by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will [...]
Bank of America hosts virtual electric vehicle show Bank of America will host its third annual virtual electric vehicle show, "EVolution," a one-of-a-kind virtual event where Bank and industry leaders discuss the latest trends in electric vehicles. Premiering ahead of World Electric Vehicle Day, the show offers insights into design trends, car features, charging, financing, [...]