More than half of adults nationwide say they are more nervous about their financial future now than ever before, according to a recent New York Life survey.

Moreover, some two-thirds report they are currently in debt, with credit card debt being the top reason. And of those in debt, 58% say their debts are preventing them from reaching their financial goals.

These were among the findings of the New York City-based insurance provider’s most recent “wealth watch” survey. Conducted between October 13 and October 15, 2022, the study polled some 4,400 adults across the country.

“Consumers are continuing to grapple with inflation and how to factor rising prices into their budgets and long-term financial strategies,” said Dylan Huang, senior vice president and head of retirement and wealth management solutions at New York Life, in a statement.

Worse still, Huang said, a quarter of those with debt feel less able to manage their debt than their peers, and 28% say they are contributing less each month toward paying off their debts than they did a year ago.

There are also generational differences. Younger people are more likely to be in debt than their older counterparts. Some 73% of Millennials (born between 1981 and 1996) and 71% of Gen Xers (born between 1965 in 1980) have debts. These groups are also most likely to feel that they cannot manage their debt.

Overall, 36% of respondents have taken on additional debt in the past year. Debt has become more expensive, of course, with rising interest rates. Not surprisingly, fully 89% of those who have taken on more debt say that rising interest rates are having an impact on their longer-term financial plans.

“Given the current macroeconomic environment, with high inflation and recessionary headwinds looming, people are wondering how they can leverage their investments to stay on track with their financial goals,” said Huang.

Indeed, 41% of those who are invested in the stock market said they had reduced their equity allocations in the past six months, in reaction to market volatility and rising interest rates. In total, 30% of investors in stocks, bonds, and other securities made changes to their portfolio in the past six months. Among them, 37% have moved more money into cash.

The final finding concerns where people are getting their financial advice from. Family guidance was the number one source for 31% of respondents. Only 22% cited financial advisors, though among those with money invested the percentage was higher, at 37%.

The youngest adults—those born between 1997 and 2012, known as Generation Z—were the group most likely to look to social media for financial guidance. Some 40% of them listed social media as their top source of financial information.

“While younger generations are increasingly turning to digital tools or social media when seeking financial guidance, guidance from a trusted financial professional is still playing an important role, particularly for those who are invested in the market,” said Huang.