Roughly half of U.S. employees say rising costs (49 per cent) and recent financial crises (46 per cent) have caused them to reduce or stop their retirement savings, according to a new survey by Allianz Life Insurance Co. of North America.

The survey, which polled more than 1,000 employees, found more than half (56 per cent) said financial crises are a permanent consideration in their retirement planning and two-fifths (40 per cent) said their retirement strategy has been derailed in recent years.

While nearly two-thirds (61 per cent) of employees said they’re more afraid of running out of money in retirement than death, 56 per cent said they don’t know where to start with saving for retirement beyond having a basic retirement savings account like a 401(k) and 40 per cent said they don’t have a financial plan for retirement.

Read: How is rising inflation impacting retirement savings?

Two-thirds (66 per cent) of baby boomers said they’re financially prepared for retirement, compared to 60 per cent of millennials and 54 per cent of generation X. More than half (57 per cent) of millennials said they get less retirement support from their employer than their parents did, compared to 47 per cent of gen-Xers and 43 per cent of baby boomers.

“People’s retirements are too important to leave to chance,” said Kelly LaVigne, vice-president of consumer insights at Allianz Life Insurance, in a press release. “The key takeaway here is that the new retirement reality requires everyone to have a plan and stick to it. The good news is, even in these uncertain times, proper planning will go a long way toward securing retirement goals.”

Read: Fewer Black, Latino employees participating in U.S. workplace retirement plans: report