Nearly sixty percent have taken an early withdrawal from their retirement account.
Asked what they look for in an adviser, Millennials say experience, followed by someone with similar demographic qualities as themselves.
The average Millennial spends over $30 on coffee per month, but will also, on average, save $480 for retirement in the same time frame.
This is despite having lived through two bear markets.
They also believe having an adviser they can trust is important for their financial confidence.
However, there are things retirement plan advisers and sponsors can do to encourage them to take on more risk.
They are on track to replace 75% of their income, compared to 64% for Americans overall.
More than one-third of Gen Xers and Millennials have no retirement savings, and although many expect to rely on Social Security for a major portion of retirement income, they have no intention of maximizing their benefits, a survey finds.
The women are also far more risk-averse, PNC Investments learned in a survey.
Fifty-three percent expect to become millionaires, TD Ameritrade found in a survey.
More than half have set specific retirement goals, J.D. Power learned in a survey
This will mean shifting their current focus from Baby Boomers, TD Ameritrade learned in a survey.
Half of Millennials expect to retire with financial stability, although most admit they do not know how to successfully invest, PNC Investments found in a survey.
However, they are very responsible with their budgets, with 53% having an emergency fund
The majority believe they will have to work much longer than previous generations, Prudential learned in a survey
Only one-third are participating in their retirement plan
However, their fear of investing in the stock market could hurt their outcomes, a survey reveals.
They earn less than older generations, are less likely to participate in a retirement plan, and will have to contend with longer life spans and rising health care costs.
The Center for Retirement Research projects that 40% of those born between 1976 and 1985 will be unable to replace 75% of the income they received between the ages of 55 and 54 when they reach age 70.