Young adults are less inclined than older adults to believe they will be able to rely on Social Security in what they estimate will be long retirements, according to a new TIAA-CREF survey. At the same time, many young workers have not started saving their own money for those post-employment years.

Fifty-six percent  of 18 to 34-year-olds, or Generation Y, say they are counting on Social Security to provide income in their retirement, compared to 76 percent of 35- to 44-year-olds and 73 percent of 45- to 54-year-olds, says TIAA-CREF, a financial services organization with $866 billion in assets under management that provides retirement services in the academic, research, medical and cultural fields..

This young group of workers also is more concerned about market turbulence than are older people. Thirty-four percent say if they could choose one primary goal for their retirement plan, it would be to ensure their savings are safe no matter what happens in the market. That compared to only 16 percent of 35- to 44-year-olds, and 22 percent of 45- to 54-year-olds who say the same. The survey included 1,000 Americans over the age of 18.

While young adults say they see the need for retirement savings, only 31 percent have started setting money aside so far, according to the survey, due in part to financial obligations such as student loans. This late start could have a significant impact on their long-term savings, TIAA-CREF says.

Although 61 percent of Gen Y says they would be willing to devote a portion of their retirement savings to an investment that will provide a monthly payment for the duration of their retirement, 72 percent of them are unfamiliar with annuities, and 62 percent say they don’t know if their retirement plan even offers an option for a monthly payment in retirement.

“Many in Gen Y came of age during the Great Recession, which helped shape their attitudes and outlook on their own finances,” says Teresa Hassara, executive vice president and head of institutional business at TIAA-CREF. “The gap between the need for financial security and having the will and the means to achieve it may well impact this generation for decades to come.”