The generation that changed the world, often simply from sheer headcount, is worried about its retirement years, according to a new study from the Insured Retirement Institute.

The percentage of baby boomers who are confident in their financial preparations for retirement declined to 37%, according to the IRI. That percentage has dropped over the three years that IRI has published this report. Moreover, 61 % of boomers do not expect their financial situations to improve over the next five years.

“Boomers continue to face financial struggles in an era when they have the bulk of responsibility for planning and saving for retirement,” said Cathy Weatherford, president and CEO of IRI, in a press release. “This has resulted in a generation that lacks confidence in their financial futures as they approach their retirement years.”

The silver lining is that those investors who are working with financial advisors are more optimistic about their financial futures, Weatherford noted in the release. They are more likely to have savings and a set goal, and are more likely to be engaged with their retirement plans, she said.

Other specific findings from the report include:

  • 48% of baby boomers who work with a financial professional are very confident or extremely confident of their retirement preparedness, compared with just 28% of those working on their own.
  • 71% of baby boomers who work with advisors have determined a retirement goal and 94% actually have retirement savings, compared with 34% and 64%, respectively, of those who do not have an advisor.
  • 18% of baby boomers plan to delay retirement until age 70, up from  11% last year
  • 79% of working baby boomers expect employment during retirement to be a source of retirement income, an increase from 67% last year.