Employee borrowing from 401(k) plans increased 28% in the fourth quarter from a year earlier, according to Wells Fargo as over 60% of new loans went to individuals heir 50s and 60s.
The increase in new loans is a bit sporadic, but over the past two years the overall trend is a gradual increase in the percentage of participants with an outstanding loan, Elli Dai, senior vice president and director of participant services at Wells Fargo Retirement, said.
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