An even half, 50%, of Americans stopped saving for retirement at some point in 2022, according to a U.S. News & World Report survey.

Furthermore, 41% paused putting money into their 401(k) or other retirement account, and 32% withdrew some of their retirement savings to keep up with inflation.

While Americans of all ages are divided on their outlook for the U.S. economy, Millennials and Gen Z are very concerned about their future retirement prospects.

Forty-three percent of adults think the economy will be weaker by the end of 2023, while 57% think it will be stronger.

Seventy-nine percent of Millennials, those born between 1981 and 1996, think they will have to retire after age 65. This rises to 80% among Generation Z, those born between 1997 and 2012.

Among people of all ages, 88% think generations after them will have a more challenging time retiring, and 65% think they will need to work during their retirement years to supplement Social Security benefits.

The survey of 2,000 adults also found that people are beginning to worry not just about inflation but also about a recession, with 82% concerned a recession will negatively impact their retirement plans and savings.

“The survey data shows a clear correlation between the rise of inflation and Americans’ delayed or altered retirement plans,” says Scott Nyerges, senior insurance editor at U.S. News & World Report.