6 Common Financial Fears | Primassure LLP

Money brings up all kinds of emotions within us. But the one that is more or less constant throughout and among many people is ‘Fear’. We fear talking about it, earning too much, earning too less, etc. 

Fear is deeply seated in our genetic drive to survive – this cannot be speedily wiped away with facts and figures. 

 

1) I will lose all my money

We work hard to earn money and always want to save more and earn more. Many of us lose money too due to a bad investment, wrong decision, or inflation. But this is something we are forever scared of and always have nightmares of investments going wrong or getting cheated of our money. We are scared to take money decisions as we are scared that the decision will make us lose all our money.

 

2) I will lose my job

Companies are very competitive and always look for ways to increase profits and reduce costs. One way to reduce costs is to ask employees to leave the company. During the recession and tough times, they might lay off people. We cannot be constantly scared of this as this might make us anxious and affect work performance negatively.

 

3) I will never have enough money

We are always worried if we will outlive our wealth. We feel we will never have enough money considering increased life expectancy and medical emergencies of old age. But this is again irrational.

4)  I will make mistakes while managing my money

We work hard to earn money and therefore are very scared to lose it. We let the money lie idle in the savings bank account thinking that we might make bad investment decisions which will lead us to lose money.

 

5)  My online financial identity will get stolen

Today we do a lot of money-based transactions online. We use credit cards often. This leads to the fear of getting our accounts hacked or credit cards duplicated. This is not irrational as the number of cybercrime cases is increasing but we can take steps to secure our online financial life.

 

6)  I am scared of talking about money

We are superstitious when it comes to money. We also don’t think rationally many times when it comes to money. We feel we will lose money if we talk about how much we have. We feel others have too much or too less compared to us and don’t want to talk about it. We feel ashamed to talk about bad investment choices.

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