Devenir Report Highlights Booming HSA Asset Growth, Reaching $123 Billion

MINNEAPOLIS (March 26, 2024) – Devenir, a national leader in providing investment solutions for Health Savings Accounts (HSAs), released today the results of its 27th semi-annual health savings account survey and resulting research report. Devenir found that there is about $123 billion saved in over 37 million HSAs at the end of 2023.

The survey data was primarily collected in early 2024 for the period ending on December 31st, 2023.

“Our latest survey results not only show robust growth in HSA assets but also projects a strong, upward trajectory for the future, indicating a steady and significant expansion of the HSA market,” said Jon Robb, SVP of research and technology at Devenir.

Key findings from the Devenir 2023 Year-End HSA Survey and resulting research report:

  • Strong asset growth. Supported by stock market tailwinds, HSA assets saw record growth during 2023. Growth in the number of HSAs slowed. At the end of 2023, there were $123 billion in HSA assets held in over 37 million accounts, a year-over-year increase of 19% for assets and 5% for accounts.
  • HSA investment assets continue to rebound. After enduring one of the worst stock markets in decades during the first half of 2022, HSA investment assets have seen rapid growth. During 2023 HSA investment assets grew 37%, totaling $46 billion at the end of the year.
  • Growth of HSA accounts investing remains steady. The number of HSAs investing continues to grow but the rapid growth seen over the last few years has slowed. About 2.9 million HSAs, representing almost 8% of all accounts, have at least a portion of their HSA dollars invested.
  • Increase in withdrawal activity. Account holders contributed $50 billion to their accounts in 2023 (up 7% from the year prior) and withdrew $39 billion from their accounts during 2023 (up 13% from year prior).

Devenir currently projects that the HSA market will approach 44 million accounts by the end of 2026, holding $168 billion in assets.

Click here to view the Executive Summary

Projections derived from 2023 Year-End Devenir HSA survey, press releases, previous market research, and market growth rates. Projections are barring any regulatory or market environment changes.

Forward-looking statements are based on current expectations and assumptions based on historical growth, the economy, other future conditions and forecasts of future events, circumstances, and results.


Devenir is a national leader in providing customized investment solutions for HSAs and the consumer directed health care market. When health savings accounts first emerged in 2004, Devenir built its expertise around delivering cutting-edge investment solutions. As the consumer driven health care industry grew, so did Devenir’s reputation as a leading researcher and award-winning investment consultant. Today, Devenir continues to lead the way in the rapidly growing HSA market. A research driven perspective makes Devenir the go-to investment advisor, HSA investment platform and consultant to employers, banks, third party administrators, health plans and technology providers. Learn more at

Eric Remjeske
[email protected]