The 2008 financial crisis has changed us all.

Both businesses and households have taken a "more cautious" approach to risk decreasing the chances of another economic collapse caused by indebtedness, Berenberg private bank said.

"It may not last much longer but the western world is still in the age of caution," the bank said in an email.

"Households and businesses have been a lot more cautious since the Lehman crisis than before. They hesitate to take on excessive risk and debt. While the lack of exuberance and the absence of excesses means economic growth is less vigorous than before, it keeps the recession risk low – no more boom and bust," the bank added.