We obviously just have different definitions of security. That nightmare scenario of having to live the rest of your life on exactly what you have now is extremely rare. There are so many people who manage to live comfortably* throughout their lives without such a massive nest egg. I don't think it makes sense to describe them as financially insecure (which to me says that they are in a bad or dangerous position) because they don't have the most extreme contingency covered.

* Note that I define this as owning a house and supporting a family without having to worry about money, not living a jet-setting life of extreme luxury or whatever.