Around half (54 per cent) of U.S. employees say they’ve stopped or reduced retirement savings due to inflation, according to a new survey by Allianz Life Insurance Co. of North America.

It found two-fifths (43 per cent) of workers said they’ve dipped into their retirement savings because of rising inflation. Eight in 10 (80 per cent) said they worry about rising inflation continuing to have a negative impact on their purchasing power, while 75 per cent said they’re worried the rising cost of living will affect their retirement plans.

Read: Sounding Board: Shifting from retirement planning to longevity planning

Millennials (65 per cent) are the most likely to say they’ve stopped or reduced retirement savings due to inflation, followed by generation X (59 per cent) and baby boomers (40 per cent).

However, the survey noted gen-Xers are more likely to worry about how inflation will affect their long-term finances. Nearly three-quarters (72 per cent) of this group said they worry if they don’t increase their retirement savings soon, it will be too late to have a comfortable retirement. Eight in 10 (80 per cent) said they worry the rising cost of living will affect their retirement plans, compared to 76 per cent of millennials and 72 per cent of baby boomers.

Read: Head to head: Should employees be saving for retirement or focusing on other financial priorities?