It's scary if you feel you're one of the people who would lose out in a more equal society, but the Labour Party isn't Marxist, so I guess it's being used for scare-mongering.
I self-identified as a Marxist for about six weeks when I was 19 because I thought it was cool. I even bought a book, but I was a bit intimidated by the big words, so I gave up. I can't honestly say I understood much about it and my guess is that most people who fear Marxism now don't really understand it.
In the last few years, I've become much more interested in politics. I don't think it's cool any more to be a Marxist (I'm not), but I understand much more about Marx. I hadn't realised how innovative his thinking was and how much he's been misunderstood. Marx probably wouldn't even recognise some of what is today labelled as Marxism.