Fidelity: More people borrowing from savings
The number of people borrowing from their retirement savings plans reached a 10-year high in the second quarter, according to Fidelity Investments, as Americans grappled with slowing economic growth. The portion of 401(k) accounts with loans outstanding rose to 22 percent by the end of June from 20 percent a year earlier, the Boston-based asset manager said in a study released Monday. The number of people taking withdrawals for financial hardship increased to 2.2 percent from 2 percent a year earlier. The top reason for withdrawing money was to prevent foreclosure or eviction.
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