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In its 2025 "How America Saves" report, Vanguard revealed that 4.8% of workers took hardship withdrawals from their 401(k) accounts in 2024, up from 3.6% in 2023, according to Barron's. Foreclosure and eviction avoidance were the most common reasons for hardship withdrawals during the year, with 35% of such withdrawals being used for those purposes, down from 39% in 2023. At 30%, medical expenses were the second most common reason for a hardship withdrawal in 2024, down from 32% in 2023.
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