There are significant gaps in the way women and men are investing in their Health Savings Accounts (HSAs), a new study from the Bank of America has found.

The report, "2023: Gender Lens in Health Savings Accounts," looked at utilization rates, contribution rates, withdrawals, and balances of HSA account holders, comparing the numbers for women and men.

The researchers noted that HSAs offer a "triple tax advantage"—that is, these funds are not subject to federal income tax for contributions, interest, and withdrawals. According to Lisa Margeson, managing director of retirement research and insight at Bank of America, the study complements the bank's work with 401(k)s, treating HSAs as a different kind of savings vehicle. "HSAs hold an important spot as a benefits program to help individuals prepare for retirement," she said. She added that the Bank of America numbers show that more workers are investing for growth with their HSAs.