While many people may perceive millennials as being a generation unafraid of risk, a new survey suggests that’s not the case when it comes to their money.

According to the survey, which was conducted by Sun Life, 51 per cent of millennials would forgo opportunities to earn higher returns on their investments if it meant less volatility in their portfolio overall.

Forty-four percent said that they consider their investment approach conservative, while the same number described themselves as being risk-averse.

Sadiq S. Adatia, the chief investment officer of Sun Life Global Investments, says that the findings were “surprising” – especially coming from a generation young enough that it can better absorb higher financial risks.

“They could potentially be putting their retirement savings in jeopardy by investing so conservatively,” he said in a press release.

The survey also found that fewer than one in three millennials are optimistic about the performance of the Canadian economy over the next five years.

For this survey, ‘millennial’ was defined as being the age range between 18 and 30.