Millennials Retirement Outlook Sunny Despite Savings Shortfall

Millennials may be stressed about retirement, but they still have a far more positive outlook than previous generations, said Michael Doshier, vice president of retirement marketing at Franklin Templeton (BEN) - Get Report . 'It's doubly surprising this time around with the millennials because of how they started their careers with all the challenges in the economic environment they stepped out of college into,' said Doshier. 'But we do see now they are working and saving and have a very positive outlook.' According to Franklin Templeton's 2016 RISE (Retirement Income Strategies and Expectations) survey, Gen Xers and Millennials still reflected the highest levels of stress and anxiety when thinking about retirement savings and investments. Concern levels appeared to peak among Gen Xers and Millennials, with these groups indicating the most concern overall about paying for expenses in retirement. About 60 percent of respondents considered a financial advisor important to both the planning process and generating income during retirement, according to Franklin Templeton.