Americans are increasingly worried that their retirement security is at risk due to rising Covid infections that will lead to a market crash, worsen inflation and give rise to another recession, according to an Allianz Life Insurance survey.

The Q3 Quarterly Market Perceptions Study found that people are more worried than they have been all year that a big market crash is in on the horizon (54% in the third quarter, compared with 45% in the second quarter and 52% in the first quarter).

More than two-thirds believe the rise in Covid cases due to the Delta variant will lead to a recession in 2022, and 78% believe inflation will worsen during the next 12 months, the study found. These concerns, respondents said, are making them nervous about their retirement security. Seventy-two percent are anxious about the impact that the rising cost of living will have on their retirement plans, and 70% said they are worried they will be unable to afford the lifestyle they want in the retirement.

“People were feeling better about market risks to their retirement this summer when we saw that brief return to normalcy before getting a Delta-driven reality check,” Kelly LaVigne, vice president of consumer insights at Allianz Life, said in a statement. “Now, nearly seven in 10 say they are worried that the increase in Covid  infections will cause another recession.”

The study found that most respondents have taken some protective measures. More than two-thirds (67%) said they are keeping some money out of the market to protect it from loss, and more than half (57%) reported having a financial plan in place to help address the rising cost of living.

There also has been a renewed interest in downside protection products, the study found. Seventy percent of respondents are increasingly likely to say it is important to have some retirement savings in products that protect from market loss. That compares to 64% in the second quarter, the study found.

The study further noted that those with investable assets of more than $200,000 are more likely to agree that it is important to protect retirement savings from loss (83%), and that they are willing to sacrifice gains for this protection (81%).

The 2021 Q3 Allianz Life Quarterly Market Perceptions Study, conducted in September, included 1,005 respondents aged 18-plus.