Use of TDFs increasing among younger employees

BofA found the use of target-date funds is significant—and increasing, especially among younger employees. Millennials have almost twice the amount of money invested in TDFs as Boomers.

Some other interesting TDF stats from the study? When they are offered, more than eight in 10 employees invest in TDFs, and often invest their full account balance. The percentage of BofA recordkept 401k plans offering TDFs increased from 56% in 2020 to 60% in 2021.

• SEE ALSO: Younger 401k Participants Really Like TDFs, New Study Finds

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