"Your smartphone is almost always on, connected to the Internet,"
sure
" logged into your email"
never
" and social media"
i dont use that cesspool of filth
", and likely has at least a username stored for your bank account."
nope, no bank data
" Your smartphone contains as much sensitive information as your wallet does — more, if you count the contact information for your family and friends"
only if you count contact information, then yes
Personally i dont disseminate private information on the internet. nor allow it to be connected to the internet. Any banking data on any of my computers is only used in a private browser window so the history is wiped.
If someone stole my phone all they could get is my contact list. Which granted is still a good bit of data. There is no credit card, email, or bank data on the phone.
Im not paranoid, nor do i think criminals are after me(i have nothing worth stealing), im just not stupid.
In order to keep your private information private, dont put it on the internet, or on an internet connected device. If you do have to access senstive data, for instance a bank account, do so in a private window, so at least its not in your history or cache. Pretty simple.