Fidelity's analysis of savings behavior for the fourth quarter of 2022 found that account balances are up. Among the other findings:

Balances increased. The average IRA balance was $104,000 in the fourth quarter, a 2 percent increase from the previous quarter and a 36 percent increase from a decade earlier. The average 401(k) balance increased to $103,900.
Gen Z 401(k) savers are continuing to increase their balances. Although balances are relatively smaller among Gen Z savers, who are heavily invested in target-date funds, their average account balance increased by 23 percent over the third quarter—the highest of any group.
The number of IRA accounts continues to increase. Across generations, Roth IRAs tend to be the retail retirement savings vehicle of choice, with 61.3 percent of all contributions going into a Roth in the fourth quarter.
Not-for-profit workers also have maintained strong savings rates. Since 2013, their average savings rate has increased to 11.4 percent, an improvement of 3.3 percent.
Total 401(k) savings rates are holding steady. The total savings rate for the fourth quarter, which reflects a combination of employer and employee 401(k) contributions, held fairly steady at 13.7 percent.
Outstanding 401(k) loans and average loan amounts continue to trend downward. The percentage of participants with a loan outstanding remained at 16.7 percent for the fourth quarter, down from 17 percent a year earlier and 21 percent five years ago.

"Year over year, the trends are consistent—if you start saving earlier and avoid reacting to market volatility, you will be better off in the long run," said Joanna Rotenberg, president of personal investing. "This analysis shows that younger generations are sticking to their plans and working on building good savings habits, from budgeting daily expenses and automatically increasing contributions to taking advantage of an employer match. This is especially important during periods of inflation, when the money you're accumulating needs to go further."

Instant Insights /

401(k) Balances Were down 23% in 2022, but Are Now Rebounding

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