In the first half of 2015, 17.5 percent of defined contribution participants had outstanding loans from their savings plan, a rate comparable to the previous year, but high compared to historical norms, according to the Investment Company Institute.
Seven years ago, at the end of 2008, 15.3 percent of plan participants had outstanding loans.
The ICI's review of recordkeepers' data shows loan activity started to creep up in conjunction with the financial crisis. By the end of 2011, 18.5 percent of participants held outstanding loans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
