Per CNBC: The average 401k 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, the nation's largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.

The average individual retirement account balance also plunged 25% year-over-year to $101,900 in the third quarter of 2022.

Still, the majority of retirement savers continue to contribute, Fidelity found. The average 401(k) contribution rate, including employer and employee contributions, held steady at 13.9%, just shy of Fidelity's suggested savings rate of 15%.

"The market has taken some dramatic turns this year," Kevin Barry, president of workplace investing at Fidelity, said in a statement. "Retirement savers have wisely chosen to avoid the drama."