A new survey reveals the stunning impact of inflation on Americans’ retirement plans, and other adverse effects on finances, as inflation shows no signs of slowing down.

The Center Square reports that the BMO Real Financial Progress Index, carried out by BMO and Ipsos, indicates at least 25 percent of Americans intend to delay their retirement plans in order to make up for the impact of inflation.

“Nearly 60 percent of those surveyed said that inflation has adversely affected their personal finances, of which about one in four said that they have felt a major impact,” the report reads. “As a result of inflation, 36 percent of Americans have reduced their savings and 21 percent have reduced their retirement savings. A quarter of Americans will need to delay their retirement.”

The report notes that “younger Americans are feeling the most impact,” with “over 60 percent of those aged 18-34 said they had to reduce contributions to their savings.”

The findings reflect the ongoing financial stress felt by the vast majority of Americans due to rising inflation, which has skyrocketed to 40-year highs under Joe Biden’s watch. Prices of basic goods such as gas and groceries have risen, with the average price of a gallon of gasoline now costing no less than $4 in all 50 states.