HSAs through a gender lens

Financial activity in Health Savings Accounts varies by gender, with women behind men in participation, balances and investments.

Headshot of Taylor Bowley

Taylor Bowley

Headshot of Vanessa Cook

Vanessa Cook

August 2023

Key takeaways

  • In a recent survey, 61% of pre-retirees reported being concerned about having enough money to pay for healthcare in retirement. And estimates show that an average 65-year-old couple retiring today will need about $296,000 to cover out-of-pocket healthcare costs in retirement.
  • It is no wonder then, how since first being introduced in 2003, Health Savings Accounts (HSAs) have grown to $104 billion in assets and 35.5 million accounts at year-end 2022 — a 24% annual growth rate over the past 16 years.
  • However, is there more to this growth? A recent Bank of America Chief Investment Office report, 2023: Gender Lens in Health Savings Accounts, aims to understand the potential gender and generational differences in the financial behavior and actions of plan participants.

Read our full analysis for a more in-depth look at these trends.