In an October 2, 2008, Gallup poll, a majority of Americans (53%) say they feel “angry” about the financial crisis facing the country, and 4 in 10 say they feel “afraid.” Readers of the work I’ve done with Drs. Ted and Brad Klontz will know that it’s unconscious reactions to the unrecognized feelings of fear, anger, and sadness that are often the root of poor money decisions.
Here is another finding in the Gallup poll that is a very interesting money script. Most respondents say their own finances have been harmed by the events of the last two weeks, and close to 70% expect their finances to be harmed in the long term.
Readers of my work understand just the opposite is true. The probability is over 70% that short term fluctuations in a diversified portfolio are normal and over the long term their finances will recover and be just fine. No wonder so many people are feeling fear, hopelessness, and anger when they are holding to a money script that they will never recover from the current market declines.