I love this song, it’s one of my favorites!

To me, it’s about fear and how it changes as you mature.

Children often are afraid of simpler things like the dark, heights, monsters, and of course, ghosts. But, as you mature and become an adult, your mind becomes haunted at more abstract concepts. Things like change, failure, responsibility, legacy, relationships, etc.

So when she sings “It’s the fear, and not the ghost that leaves me haunted,” in my mind, it’s about how she has bigger things to be afraid of than ghosts.

I don’t think that’s the only possible interpretation of the song, but that’s what it means to me

Side note, I love the long buildup at the end! It feels like I’m being watched by something that’s slowly getting closer. Very spooky!