By Nathalie Voit

A newly released survey from MagnifyMoney found that most Americans believe the U.S. economy is headed for a recession–and most are not ready for it.

The poll results, published on July 11, showed that seven in 10 survey participants believe a recession is inevitable. Most participants predict an economic downturn within the next six months (59%).

The findings also show that upper-income earners (those making six figures or more per year) were more pessimistic about the likelihood of a future shock to the economy. More than 2 in 3 (68%) six-figure earners expect a downturn in the next six months.

Most participants in the survey identified inflation as the top predictor of an impending recession (68%). Other leading indicators of imminent economic decline include the red-hot housing market (61%), surging interest rates (56%), and the stock market (55%). Participants also cited reduced consumer spending and rising unemployment as strong warning signs of an upcoming downturn.

More than two-thirds of consumers (68%) say they’re not financially ready for a recession. The difference in financial preparedness varied strongly by gender, with more women (77%) than men (57%) reporting they felt financially unprepared.

Differences in feelings of financial readiness also varied by income, with lower-income earners more likely to say they felt unprepared for a recession (80% for those making less than $35,000 a year) than those making $100,000 a year or more (38%).

Despite the shared feelings of tough times ahead, most participants are taking action to prepare for the possibility of a downturn. About 9 in 10 respondents (89%) say they’ve taken at least one step to prepare for a potential recession, including but not limited to cutting back spending (62%), sticking to a budget (39%), and contributing to a personal emergency savings fund (26%).

About one in four respondents report taking up a side gig to earn extra cash.

The news comes ahead of the Labor Department’s June CPI report, which showed consumer prices rose a staggering 9.1% year-over-year in June.