Anyone know about Parallels when upgrading?

[Pep]

I've bought the upgrade Parallels 8 for my MacBook but a little put off about possibly losing all my current data as it says it wants to remove the version I'm using at the minute. Is this likely to be something to worry about?!

 

[Jay_A]

I've upgraded mine a few times and not had a problem. Do you backup yours to timemachine though incase?