What We Fear vs What We Should Fear [Infographic]

“One of the most robust findings in behavioral finance is that we tend to fear high-profile, low-probability events while ignoring more immediate risks to our well-being.”

In this new infographic from www.myretirementwalk.com (a Guardian project in coordination with Dr. Daniel Crosby, Ph.D., President, IncBlot Behavioral Finance) we get a picture of how unlikely it is that we encounter our most common fears (snake bites, shark attacks, etc.), and the high likelihood that we’ve got something to fear with our financial life. For instance:

  • 43% of Americans are just 90 days away from poverty.
  • Most Americans have less than $25,000 in retirement savings.
  • The U.S. national debt rises at an average of approximately $3.8 billion per day.
  • 48% of Americans don’t contribute to their workplace retirement plan.
  • American workers are projected to be $6.6 trillion short of their needs.

Fear Infographic

Are you ignoring any immediate risks to your well-being?




Last Edited: November 8, 2013 @ 12:14 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. I will no longer worry about mountain lions! Great infographic PT. Thanks for sharing!

  2. Sustainlifeblog1 says:

    I think this is a great infographic – A lot of people simply worry about the wrong things – like plane crashes and the like. Statistically those are not really likely to happen, but then they ignore things that will happen, like retirement.

  3. A real eye-opener!