Across the generations, 47 percent have less than $50,000 in retirement savings. Among baby boomers, 37 percent said they have less than that amount in savings.

More than a quarter of those surveyed are not saving for retirement at all, citing “too many other expenses” as the primary reason, and 28 percent are saving less than they did last year.

For millennials, student loans are diverting money that could otherwise go to 401(k) accounts; 42 percent of millennials say they carry student debt, and eight in 10 of them say those loan obligations are impacting their financial goals.

PwC’s data shows a clear correlation between loan debt and retirement savings strategy. Those with student debt are more likely to have less than $50,000 in savings, and about 50 percent more likely to borrow from retirement assets compared to workers without student debt.

Overall financial stress is on the rise for all workers, but the study shows millennials are bearing the brunt of it, as 64 percent said they are stressed about their finances, a marked increase from 2015.

“Many employees aren’t feeling confident about their finances,” said Kent E. Allison, leader of PwC’s Employee Financial Education and Wellness practice, in a statement.

“Salaries are barely keeping pace with the rise in cost of living, causing an additional strain on employee budgets that were already stretched thin,” added Allison. “The housing market has only moderately improved and in many places home values still remain far below pre-recession prices despite interest rates being at historic lows. Couple that with the recent volatility in the stock market and it is no wonder employee confidence is waning.”

Only 26 percent of millennials think Social Security will be available when they leave the workforce.

Overwhelmingly, employees across the age spectrum long for the days when defined benefit pensions were the norm, as 72 percent said they prefer a monthly income guaranteed payment for life, as opposed to a lump sum of savings.

Only half of employees said they feel comfortable selecting the right investments for themselves. That lack of confidence, along with chronically low savings, underscores the need for more financial education, says Allison.

“With retirement savings worryingly low, now is the time for employers to put effective financial wellness programs into place that focus holistically on the financial well-being of employees and drive behavioral change,” he said.