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