More Americans are yanking money from their 401(k) plans to pay the bills

CNN– A growing number of Americans are cracking into their retirement fund nest eggs to help pay bills.

According to a report from Bank of America, the number of its 401K Plan participants pulling cash out has increased by 27% since the first quarter of this year.

That is over 18 thousand people which is the highest level in the five quarters since the bank has been tracking the data.

The average withdrawal is just over 5 thousand dollars.

Despite high GPD numbers and low unemployment Americans are still facing a cash crunch caused by high inflation and rising costs of living.