Small business owners are tightening their belts as rising oil prices and talk of recession have increased concerns about their financial situation.

According to the latest Wells Fargo/Gallup Small Business Index survey, more than one-third of small business owners said their personal financial situation is getting worse.

Half of the 600 small business owners surveyed said they have postponed a major purchase in the past three months and 44 percent said they’ve reduced the amount of money they’ve deposited into savings or checking accounts or certificates of deposit. Thirty-one percent said they’ve reduced the amount they are contributing to a retirement account.

Many also are concerned about their financial situation in the future, with 75 percent saying they are concerned about paying for gasoline, 51 percent saying they are worried they will not have enough money in the next 12 months to pay for regular medical and dental expenses and 46 percent saying they fear they will not have enough money to pay for unforeseen medical emergencies.

“It has been a challenging year for small businesses, requiring business owners to rethink their expense and cash flow priorities,” said Rebecca Macieira-Kaufmann, head of Wells Fargo’s small business segment, in a release.