The percentage of Americans worried that a recession is not far off has been steadily climbing from the first quarter, according to the latest Allianz Life “Quarterly Market Perceptions Study.”

The nationwide online research, which included a total of 3,015 respondents in March, May and August, found that half of Americans now say they are worried a major recession is near. That’s up from 48% in the second quarter and 46% in the first quarter.

It also found that an increasing number of Americans said they are worried a big market crash is on the horizon (48% in the third quarter compared with 47% in the second quarter and 46% in the first quarter).

“Market volatility didn’t take a vacation this summer,” said Kelly LaVigne, vice president of Advanced Markets, Allianz Life, in a statement. “With major fluctuations over the past quarter, it’s not surprising that Americans are skittish about investing and worried that a market crash and recession might be around the corner.”

And while Americans have become increasingly anxious about the markets, the research found that millennials continue to be more worried than Gen Xers and baby boomers about an impending recession or market crash. Fifty-six percent of millennials said they are worried about a recession being right around the corner, compared with 51% of Gen Xers and 46% of boomers.

At the same time, the report noted that millennials seem to be getting used to the roller-coaster market, as they are more than twice as likely (47%) than boomers (17%) to indicate that they are comfortable with market conditions and ready to invest. LaVigne surmised that millennials might be feeling more at peace about their situation because they have more time to recover from any major losses.

The research also indicated that Americans are potentially developing a damaging mind-set about their own retirement. It found that fewer Americans said it’s important to have some retirement savings in a financial product that protects from loss (66% in the third quarter compared with 72% in the second quarter).

And the ongoing market volatility, the report noted, is also forcing consumers to be on the safe side with their retirement assets. The report found that they are increasingly seeking to balance growth and protection, with nearly a quarter (24%) of respondents interested in putting some money into a financial product that offers modest growth potential, with no potential loss. That’s up from 18% in the second quarter.