HSAs through a gender lens

August 2023

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

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.