A new report from Fidelity Investments that analyses the savings behaviors and account balances for more than 43.4 million IRA, 401(k), and 403(b) retirement accounts found that the average 401(k) balance rose in the fourth quarter of 2022, but ended the year down 22 percent.

In Q4 2021, the average 401(k) retirement account balance was $130,700 and in Q4 2022, it was $103,900, after rebounding from $97,200 in Q3.

Despite record inflation last year and a possible recession on the horizon, U.S. investors remain committed to their retirement objectives, according to Fidelity.

“We are encouraged to see people look past the current volatility and continue to make smart choices for their future,” said Kevin Barry, President of Workplace Investing at Fidelity Investments. “Fortunately, the data shows that retirement savers understand the importance of saving for the long term, despite market shifts.” Read the full report.