Prince Andrew admits he needs to be “more cautious” with his money.

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The 47-year-old royal – who has been dubbed the Playboy Prince for his excessive spending – has revealed he takes too many “risks” with his cash and has to be reigned in by his worried financial advisers.

Andrew, who fought with the Royal Navy in the Falklands War in 1982, said: “Because I’ve been to war, I’ve put myself at risk and so, the concept of putting your money at risk doesn’t actually worry me. But I’m constantly being advised to be, perhaps, more cautious.”

The prince served as a helicopter pilot based on ship the HMS Invincible during Britain’s conflict with Argentina over the disputed Falkland Islands, flying on several dangerous missions.

The prince has also received the nickname ‘Airmiles Andy’ due to his love of frequent flying. Last year, he came under fire for spending UKP6,000 of taxpayers’ money to fly to and from a Scottish golf tournament.

The duke travelled on the Queen’s Flight airplane from Norfolk to The Open golf championship in Carnoustie. The UKP1,000-per-hour HS 125 twin-engine jet, which carries up to seven passengers, is usually reserved for vital business trips for royals and government ministers.