Singaporean SME (small and medium enterprise) leaders also have a pretty high appetite for taking risks to grow their business. These trends are especially true of those aged between 20 and 40 years old.

Swiss Re, one of world's largest reinsurance companies, surveyed almost 5,000 consumers and business leaders across eight Asia Pacific countries earlier this year, to measure their risk appetites in the current recession. The countries include Japan, South Korea, Hong Kong, Cjina, Malaysia, India and Australia.

The first-of-its-kind study, conducted mostly online between January and March, found that Singaporeans were most willing to swop a stable job for a stab at setting up shop.

More than 20 per cent of 400 Singapore respondents said they preferred the challenge and opportunity of running their own business over sticking with a stable income.

'This is evidence of a strong entrepreneurial spirit,' said Ms Sharon Ooi, director of client markets at Swiss Re, as job security should logically be most important for young adults in view of the current deterioration of the job market.

And out of 100 Singaporean SME leaders surveyed, 48 said they saw business opportunities in the current financial crisis, and were willing to take growth risks. This put Singapore as the second most growth-hungry country after China.

Singaporeans also came in joint second place with Hong Kong - just behind Australia - having the highest proportion of respondents (43 per cent) who would give up the security of working for an established firm to join a smaller one - if it meant better pay or faster growth prospects.

But when it comes to personal risk appetite, Singaporeans remain more cautious, coming in at second last place, just above India.

Overall, Singapore was ranked fourth, after Australia, Hong Kong and Japan, in its consumer attitude to fiancial risk.