Retirement plan participants do not feel they are receiving sufficient guidance on how to allocate their assets within their retirement savings accounts and fear they haven’t saved enough for retirement, according to the Schroders 2024 U.S. Retirement Survey.

Of 2,000 surveyed U.S. investors, including 780  who currently participate in a workplace retirement plan, 28% do not know how they have allocated their retirement assets. In addition, 59% said they wish their employers had provided more guidance on how best to invest. However, less than 42% said that they are working with a financial advisor, according to the survey.

Without a strong knowledge base about the way they are investing for their retirement, plan participants are worried they are falling dangerously below the level they need to retire comfortably with, the survey found.

The participants believe they will need $1.2 million to retire, however, 46% said that they have amassed less than half a million. Of that group, 23% said they have accumulated less than $250,000. Only 29% said that they believe they will reach the $1 million level before they retire, which they said will be at age 63.

Many plan participants are feeling anxiety over their retirement savings, with 60% saying that they worry too much and 39% admitting that they have lost sleep over their financial situation. 

“While the magic retirement savings number is over $1 million for many plan participants, they are not saving or investing correctly to reach this goal,” Deb Boyden, head of U.S. defined contribution at Schroders, said in a statement. “Without better planning and a roadmap to close the savings gap, a comfortable retirement will be out of reach.”

As for the allocation into retirement savings accounts, the two biggest allocations that participants cited were equities and cash. The primary reason cash received the second-highest allocation had to do with fear, the study found. Specifically, 66% said they allocated so much to cash because they’re afraid they’ll lose their money if the stock market goes down. Another 24% said that they do not know how to properly invest their cash holdings.

“Fear can hold us back in many different aspects of life—including retirement planning,” Boyden said. “For savers with long-term horizons, large cash allocations create an opportunity cost that prevents you from taking advantage of the powerful benefits of compound growth.”

The fact that this year is an election year is also impacting the confidence level of plan participants, with 88% worried about how the election will impact their retirement savings.

There was a diverse set of opinions on how the plan participants plan to prepare for the upcoming election financially.

Thirty-two percent said they will not make any changes, while another 32% said that they are not sure if they will make any changes. In addition, 28% plan to take a more conservative approach with their portfolio, while 9% said they will take a more aggressive approach.