401(K) balances take a hit from market volatility, Fidelity shows

The average 401(k) balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments Inc., CNBC reports. The average individual retirement account balance also plunged 25% year-over-year to $101,900 in the third quarter of 2022, according to Fidelity.