What
is your greatest fear? I’ve read that
public speaking tops the list for a large percentage—perhaps even a majority—of
people. Now a survey by Allianz Life of
U.S. adults age 25 and older with annual incomes of at least $50,000 reports
that a majority of people fear running out of money more than they fear
death. Generation X’ers, people born
between 1965 and 1980, the oldest of whom are swiftly approaching retirement,
seem to be the most fearful, with 70% expressing that fear. Baby Boomers, born between 1946 and 1964, and
who are mostly retired already, followed close behind at 61%.
With
other surveys showing that on average we believe it will take well over a
million dollars to retire financially secure, but the median amount saved for
retirement is only $87,000, I suppose the fear of running out of money is very
real.
But
scarier than death? I believe most
mature adults think about death at one time or another or even have come face
to face with it in some fashion. And I
can think of only a couple of factors that feed that fear: uncertainty about
the state of death, the potential pain of death (which is, technically, fear of
the process of dying and not fear of death itself), and concern for those we
would leave behind. Religious teaching and beliefs mitigate that for many
people of faith. How does the fear of
running out of money exceed those fears, and does it have a similar means of
mitigation?
What
happens when we have no money? We cannot
buy food, secure a place to live, pay for health care; and those deficiencies
will impact our life expectancy. But
that seems more like a fear of death, our ending. Do we, rather, fear the process of being
poor, not its eventual outcome? Will we
miss the perks of having money: traveling, good food, decent health
care…respect?
And
perhaps it does come down to status. We
measure things and people by money, and without money we are tempted to feel
worthless. The stigma of poverty is a
heavy burden. And what can relieve
it? Social safety nets and others’
charity can do that to some extent. But
it seems we have lost faith in those remedies, especially as we see some
government programs being ravaged by proposed budget cuts. It is tempting to picture ourselves back in a
Dickensian society, and that might be the driving factor in the findings of Allianz
Life survey.
We
have to fight that on two fronts. First,
we must focus on our own financial health, saving for the future and not
spending every dollar we have or expect to have. But equally important is the need to be
generous to others, to give attention to our society’s safety net programs, to
include charity in our personal budgeting: giving to the local food bank or
free clinic; supporting a church’s giving projects; helping family members who
might be struggling. And being a kind,
generous person who cares for others has its own rewards, both for the physical
well-being of the beneficiaries and for the mental well-being of the giver. Be that generous person.
Until next
time,
Roger
“Religion that God our Father accepts as
pure and faultless is this: to look after orphans and widows in their distress
and to keep oneself from being polluted by the world.” James 1:27 NIV®*
*Scripture quotations taken from the Holy Bible, New
International Version® NIV®
Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc.™
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