I see it as a personal decision, rather than a right or wrong.
I make short offshore trips with only life jackets, wet suits and an epirb in my 30 footer. No survival suits, liferaft, radar etc.
Sure-theres a risk. Im ok with that.
I've got to agree with RickB - your responsibility for the safety of your crew is paramount.
Doing a Sea Survival course certainly informed and refined my ideas about equipment systems and safety procedures on board. Worth every penny.