Would you choose £50,000 over the chance of £1m?

Many people may opt for the £50,000 guarantee and decide that this in itself is a life-changing sum of money.

All in all, this is £10,000 more than the average earnings of full-time workers in the UK over the course of a year. according to official statistics, external.

However, young people often earn less but still according to this survey, external18 to 24 year olds are more willing to bet over £1 million than other age groups.

About 28% prefer to flip a coin, compared to just 11% among those over 65 (their grandparents’ generation).

There is a different turning point for everyone. Repeat the survey but instead guarantee £5 or take a 50/50 chance for £100; most people will probably prefer the £100 bet. After all, many people bet at least £2 a week on the National Lottery in the hope of winning.

As these amounts increase, your risk appetite becomes clearer.