[neckro23]

I do the same thing.

The rationale I use personally is that the master password might be stored in a retrievable format on my phone, but the phone itself is encrypted (iOS 8). And the convenience factor is strong enough (it's really convenient!) that I'm not discouraged from using strong passwords like I otherwise might be.

Unless someone sneakily borrows my phone and fingers while I'm sleeping, I don't think I'm at much risk.