Among participants with outstanding loans at the end of 2005, the average unpaid balance is $6,821 and loan balances as a percentage of account balances for participants with loans stood around 13%.
Older participants were less likely to have outstanding loans than younger participants.
Ninety percent of 401(k) plan participants nearing retirement – those in their 60s – do not have outstanding loans from their plans, and for the 10% who do, the outstanding loans are small compared to their account balances.
Seventy-eight percent of participants in their 40s had no loans and 89% of participants in their 20s had zero loan balances.
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