Australians are risk-averse when it comes to financial matters and they are becoming more so.The latest edition of the Melbourne Institute's Household Income and Labour Dynamics in Australia survey, the country's largest household survey, found that relatively few people are prepared to take above-average or substantial financial risks, and just over half the population report not being prepared to take any financial risk at all.Women tend to be more risk-averse than men, with 59.1 per cent not prepared to take any financial risk, compared with 44.8 per cent of men.The most risk-averse age group is 65 years and over, but those aged 15 to 24 also tend to be very risk averse, with 57.7 per cent of this group not prepared to take any financial risk.According to HILDA there has been considerable change in individual's measured risk preferences over time. Of those who reported in the 2006 survey that they were prepared to take substantial risks, only 22.6 per cent were still prepared to do so in 2011.Changes between 2006 and 2008 are very similar to changes between 2008 and 2011. The report said: "This suggests that changes in economic conditions are not the driver of changes in individuals' preferences, since the first period was one of strong economic growth and employment growth, while the latter period was one of weak economic growth and rising unemployment."There is a strong link between risk preference and educational level; the proportion prepared to take above-average risks is highest among those with a university degree.People with higher incomes are more inclined to take risks. Migrants are risk-averse.In terms of life events, getting married, being a victim of crime, retirement and job change all increased risk aversion.