> If people are more educated, they will tend to avoid unnecessary risks

I can assure you that education has nothing to do with it. Educated / better off people will take similiar risk/reward decisions just at different point of utility function.

What is different is that having a little more money gives you some breathing space and allows you to optimize risk/reward over longer term which usually is leading to smarter decisons.

https://brilliant.org/wiki/utility-functions/