Based on the players' age on the first matchday of the tournament, England have named their third-youngest squad for a World Cup, boasting an average age of 26 years and 18 days.
"The squad has got energy and youth," Shearer told BBC Sport. "There seems a genuine excitement and happiness to be involved in the squad. They are looking forward to it, which is great.
"I don't think there are huge expectations from the English public. People know where we are and that we have a better chance of being more successful in four years' time than on this occasion.
"If our team can show some improvement from two years ago and the players have given everything, I think the public will be happy with that."
England's last World Cup, at Brazil in 2014, saw them finish bottom of their group, while Euro 2016 yielded a last-16 defeat at the hands of Iceland.