People in the UK are more likely to take a risk with their health than with their finances, according to the latest AXA Wealth survey.
The research showed that 18 per cent of people are more likely to take a risk with their health over any other aspect of their life. This is double the amount of people who said they would be prepared to take a risk with their money or career, both at 9 per cent.
The riskiest generation when it comes to both money and health is generation X, the 35 to 44 year olds. This demographic was surprisingly more risky than the 18 to 24 year olds, with only 13 per cent saying they would be prepared to take a financial or health related risk.
Mike Morrison of AXA Wealth said this is the wrong outlook to have, and that “while people appear reluctant to be too risky when it comes to finances, they must be aware that some level of risk is often necessary to make a good return on an initial investment.
“This is particularly true of the younger generations because not taking a risk can impact on the growth of their money, as they should be looking to improve on their returns and reach their financial goals.
He continued, “it is essential that people take the time to properly consider where it is appropriate to take risks so as to avoid disappointing or detrimental results.
“This is a rule which should be applied not only to finances but all areas of their life including health and career.”
The study also showed that gender and age play a big role in a person’s risk taking mentality, with men being twice as likely to take a risk with their finances than women. The most cautious group were the younger demographics between 18 and 34 years old.
