The Swiss Re Survey of Risk Appetite: Asia Pacific 2009, showed that India was ranked lowest in terms of business appetite risk as well as consumer appetite risk.
"India's ultra-conservative ranking in this study is attributable mainly to the respondents' low appetite for career and finance risks," the survey added.
In terms of career moves Indians are also Asia's least willing to take chances, as stability is a key factor for job seekers and in terms of health, the survey found that Indians, Chinese and Malaysians were most careful about health risks and Koreans and Japanese were least careful.
Regarding business risk attitudes, the survey said SMEs in India have the lowest appetite for risk in the region with a value of 27.6 as compared to their counterparts in Mainland China, with a value of 35.4, which was ranked second in the SME risk-taking league after Australia.
Australia topped the league in terms of business and consumer risks and is the most willing nation to take overall risks, while, China is the sixth most willing nation to take consumer risks and second most willing nation for taking business risks.
Amid the current global economic downturn, around 80 per cent of the 20 to 40 year old Indians surveyed said they view capital preservation as their first priority when making any investment, and the same number said they are willing to sacrifice a high return in exchange for this security.
"The fact that only around 10 per cent of Indians are covered by any form of pension scheme helps us understand the low financial risk tolerance of Indian respondents," Clarence Wong, head of economic research and consulting (Asia), Swiss Re said.
Although consumers in India are aware of the need to plan early for their financial futures, they are the most unwilling group among all markets surveyed to use professional financial planner or investment adviser.
"Much effort is needed to raise public awareness of the importance of financial planning early on in life, and how qualified financial professionals might add value to this lifelong process," Wong Added.
The survey covered two key business risk aspects: growth and operations, as well as four key consumer risk aspects: finance, career, health and lifestyle and was conducted in the first quarter of 2009, covering eight markets, namely Australia, China, Hong Kong, India, Japan, Malaysia, Singapore and South Korea.
