In this economy, for Gen Z and Millennials, retirement seems like a long way off.

Inflated prices have led the majority of young people to find additional work, according to a new study from Goldman Sachs, with many expecting to delay major financial milestones such as buying a home or building retirement savings as a result.

However, there is light at the end of the tunnel. Goldman Sachs’s latest retirement survey, released this week, also shows that 44% of respondents did so earlier than planned: 45% of retirees who spoke to the Wall Street bank said they stopped working between one and three years earlier than expected, 26% between four and five years earlier, and 14% between six and 10 years’ sooner than originally estimated.

Younger generations (Gen Z are aged 14 to 29, and millennials are 30 to 45) aren’t alone in their concern: Across the income spectrum and age groups, Americans feel less prepared for retirement. Goldman found respondents were less likely this year (58%) to say they were on track for their retirement goals, compared to last year (68%).

The caution comes amid a complex economic picture for consumers: Mortgage rates remain significantly elevated compared to the past few decades, and house prices remain unaffordable for many. Pair that with inflation at 3.4%—after years of COVID-induced price shocks—and now concern over the security of the jobs market due to AI, and it’s no wonder faith in the American Dream is fading fast.

Goldman suggests costs like housing now “crowd out” retirement saving priorities, with Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, telling a media roundtable this week: “Savings momentum seems to be stalling.”

“We ask a question in our survey around whether or not you are increasing your savings year over year, staying the same, or decreasing,” he continued. “We saw a decline from 55% to 39% who increased their savings into 2026 and we saw a higher number of people decreasing their savings. So, this notion of competing priorities having an impact, causing a stall, continues to see in the data.”

Indeed, while 61% of employees said they are engaging with additional work outside of their primary roles, this figure was significantly higher for Gen Z (80%) and millennials (77%). For the majority of these younger people, the additional income isn’t a want but a need: 76% of Gen Z and 73% of millennials couldn’t make ends meet without the added income.

This financial stress is bleeding into their day-to-day commitments: 69% of Gen Z respondents told Goldman Sachs they find it difficult to focus at work because they worry about debt or household costs, as did 67% of millennials.

Goldman’s findings also fit broad themes observed in data across the economy—that younger generations are putting off life and financial milestones like purchasing a home. But, Ceder points out, “when you look at what’s actually being deferred, the concern is that many of the things that we’re talking about are those that actually provide levels of financial security.

“So, emergency savings, lowering debt, retirement savings are really at the top. So, you’re deferring actually what’s providing that level of stability again, which is also impacting … housing, family planning, and educational goals.”

A new career balance

The majority of Americans told Goldman Sachs work still provides a stable enough path toward financial security, though more than one in three (34%) said a primary motivation for moving jobs would be to earn more money.

Indeed, wages in relation to the current strain on consumers’ purses are increasingly moving up the agenda when it comes to planning career moves.

A study released last week by recruitment platform Monster suggests 65% of prospective job movers are changing their search priorities owing to gas prices; 23% said they are looking for roles closer to home; and 17% are focusing more on salary expectations to offset the higher cost of commuting. A further 20% said they are prioritizing fully remote roles, and 5% are applying for fully in-person roles.

This story was originally featured on Fortune.com