Financial psychologist says that this money bias is the largest obstacle to accumulating wealth.

Millions of Americans face the challenge of confronting their finances during the official time of year for addressing procrastinated tasks.

A 2024 survey from Janus Henderson reveals that nearly half of U.S. adults, or 48%, do not own any investable assets.

The reason many people procrastinate when it comes to investing is because it appears to be too complicated.

If not overcome, a pattern of thinking could hinder many young people financially, according to Amos Nadler, founder of Prof of Wall Street and a Ph.D. in behavioral finance and neuroeconomics.

"Complexity aversion," he explains, "is a bias that prevents people from building wealth, especially those who are new to markets or have limited investment experience."

Here's how this cognitive bias could be costing you money.

The importance of overcoming complexity aversion

Individuals who delay completing crucial financial tasks share the same apprehensions as those who struggle to initiate an exercise regimen - they fear making a blunder or appearing foolish.

Nadler says, "'I'm not a numbers person,'" as he admits to not understanding how gym equipment works.

The fear of losing money you've worked hard to accumulate is closely linked to the cognitive bias of risk aversion. This fear can prevent you from taking risks and building wealth, even if it means missing out on potential gains.

Nadler says, "I've worked hard for it, and I'm risk averse. I'd rather just have the cash. Although I'm aware of inflation eroding my cash, I'm scared of the market's volatility."

Investing is crucial, especially for young people, as it helps to keep up with inflation. However, delaying this financial project can lead to a significant loss of time, according to many experts.

Delaying your entry into the market for even one year could result in a significant reduction in your future net worth due to the compounding effect of time.

Experimenting with an online compounding interest calculator can reveal how significant the impact of remaining inactive for a few years can be on your future earnings.

If a 20-year-old invests $200 a month into a retirement portfolio that earns an annualized total return of 8%, by the time she's ready to retire at age 67, she'll have $1.25 million saved. However, if she starts at age 25, with all other conditions the same, her total drops to about $830,000. And if she puts things off until age 30, she'd retire with $547,000.

How to move past complexity aversion

To begin, you can open a brokerage account or self-fund a retirement account, such as an IRA. This process is straightforward and only takes a few simple steps.

If your employer offers a retirement account, such as a 401(k), it may be an easy way to start saving. Allocate a portion of your salary to contribute to the account and choose mutual funds for your portfolio.

Index and target-date funds are often included in these plans, providing investors with low-cost, diversified options that expose them to a broad market.

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