Nearly one third of retirement plan participants have borrowed against their savings, according to a survey released Wednesday by TIAA-CREF.

The Charlotte-based financial services firm found that 43% of workers who have borrowed from their retirement plans have done so at least twice. Additionally, almost half of all borrowers have taken loans worth more than 20% of their total savings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.