The average 401(k) balance lost 23% of its value in 2022, in line with the 20% drop in the S&P 500 benchmark index, according to Fidelity data released Thursday.

The average balance went from $130,700 at the end of 2021 to $103,900 at year-end 2022.

Likewise, the average individual retirement account (IRA) balance sank by 20%, from $135,600 to $104,000 in that time.

The data is in line with a separate report from Vanguard that found the 401(k) balances it manages fell 20% last year, to an average of $112,572.

“Given all the stresses in the world today, such as natural disasters and geopolitical events, Americans continue to confront challenging times in our economy,” says Kevin Barry, president of workplace investing at Fidelity.

Mike Shamrell, Fidelity vice president of thought leadership, adds, “Everyone is feeling pressure financially — there’s a lot of uncertainty out there in the markets and the economy.”

Indeed, a Fidelity Investments survey found that globally, 74% of workers point to inflation and the rising cost of living as the No. 1 cause of stress in their lives.

Nevertheless, Americans contributed an average of 13.7% to their 401(k) plan, nearly as much as the 15% retirement savings rate that Fidelity and other investment firms widely recommend.

Baby Boomers are saving the most, an average of 16.5% of their salaries, for retirement. Gen Z is saving the least, still a very healthy 10.2%.

As recently as 10 years ago, American workers typically were saving 5% or less for retirement in their 401(k) plan.