According to a recent report by the Financial Services Compensation Scheme (FSCS), only 7% of people are prepared to take risks with their finances, compared to 16% who are prepared to take risk with their health. 

The FSCS report also highlights that 15% would take risks when it comes to their family.

Consumers also said they are most cautious about the information they put onto the internet, with only 5% being prepared to take a risk in this area.

Mark Neale, Chief Executive of FSCS, said: “The run on Northern Rock over five years ago was a seminal moment for the British public. It has made people more cautious about their money and the risks to it they will accept.

“Given events it is understandable that people are so risk-averse with their finances.

“Protection for savings and deposits has improved significantly since 2007 so there is no need for people to worry about any money they have with UK-authorised banks, building societies and credit unions.”

People are most risk averse when it comes to their mortgage, as only 4% would be prepared to take a gamble on their mortgage, while 7% would do the same with their current account or savings.

The FSCS say people have become more risk averse due to the financial crisis, with 75% of those asked stating that they are more cautious about their money as a result of the last five years.

The FSCS is the ‘last resort’ for investors should their financial firm go bust. Generally the FSCS covers savings deposits, investments and insurance policies up to the value of £85,000.

This limit applies to all deposits you have with an ‘authorised institution’, which may include several banking and building society brands.