Eight in 10 (81 per cent) U.S. employees with an employer-sponsored retirement savings plan say they’re concerned about inflation impacting their retirement, according to a survey by BlackRock Inc.

It found nearly two-thirds (64 per cent) of respondents with a workplace retirement savings plan are worried about their nest egg lasting throughout their lifetime, a percentage that was even higher among Black (75 per cent), Asian/Pacific Islander (71 per cent) and Hispanic/Latino respondents (67 per cent).

Among respondents who don’t have a workplace retirement savings plan, just half (51 per cent) said they feel on track for retirement. And more than a third (37 per cent) of Americans of all generations reported they’re unprepared or unsure if they’re on track for retirement compared to the previous three years, with nearly half (47 per cent) of women expressing a lack of confidence.

Read: Survey finds 84% of U.S. workers questioning ability to prioritize retirement savings amid rising inflation

A fifth of generation X (22 per cent) and millennials (19 per cent) said they’re not on track for retirement compared to 12 per cent of baby boomers. Notably, generation Z respondents demonstrated the strongest retirement savings discipline, setting aside an average of 14 per cent of each paycheque compared to millennial, gen X and baby boomer respondents, who set aside 12 per cent. Generation Z also reported the highest level of confidence (69 per cent) in their retirement outlook. However, a third of these respondents said they believe they can retire comfortably with less than $250,000, compared to half of baby boomers who said they need $1 million to $3 million to retire.

More than two-thirds (69 per cent) of employer respondents also said they’re worried about inflation wearing down plan members’ retirement savings. Nearly all (90 per cent) employers and employees expressed interest in investment options that would provide guaranteed income in retirement. On average, 58 per cent of employers said their employees are on track for retirement, down from 63 per cent in 2021. And 87 per cent of employees said they’re willing to invest a portion of their workplace retirement savings in exchange for guaranteed regular income payments, up from 71 per cent last year.

Read: Retirement-age employees fear low interest rates, rising inflation will impact retirement income: survey

Nearly all (90 per cent) employers agreed employees would benefit from a target-date fund that generates guaranteed retirement income and three-quarters (74 per cent) said retirement income has become more important for employees.

“As we experience new market headwinds that could impact the retirement security of millions of Americans, it’s a critical time for our industry to ensure people are planning for retirement with confidence and clarity,” said Anne Ackerley, head of retirement at BlackRock, in a press release. “While it’s encouraging to see double-digit savings rates across every generation, we have work to do to help more Americans reach retirement with dignity and on their own terms — particularly those without access to employer savings plans . . . [including] women and people of colour.”