A Fidelity analysis of 14.2 million people saw that the average 401(K) balance fell 2.5% for the three months ending in June compared to a year ago, this despite a 2% increase during the first quarter. Fortune staffer Lucinda Shen takes a look at this decrease which follows news that 32% of Americans do not believe they are on track to meet retirement goals.
These low 401(K) numbers are thanks, in part, to shocks in the stock market cause by such events as Brexit. The second quarter swings were especially alarming:
“Most retirement savers are accustomed to market volatility, but the swings in the second quarter were especially dramatic, including a 600-point drop followed by a nearly 800-point increase,” Doug Fisher, Fidelity’s senior vice president for workplace investing, said in a statement.