Nothing to fear but fear itself : perceptions of job security in Australia after the global financial crisis

![CDATA[Large scale major events change people’s perceptions. The effects of the global financial crisis on workers‟ anxiety are examined using panel data from Australia. Australia presents a unique opportunity to estimate anxiety effects as it emerged from the crisis period without enduring a recession and the economy rebounded very quickly. Our estimates focus on workers who are overeducated and their perceptions of job security; this group are known to have lower levels of satisfaction with job security and so offer a baseline estimate from which to evaluate changes associated with the crisis. We identify a workers level of commitments and responsibilities to be important in determining anxiety effects. The results support this contention; partnered workers exhibit significantly lower satisfaction with security after the crisis and this is increased if children are present. A more objective assessment of their employment stability and a possible tightening in financial conditions for a short period immediately following the crisis were examined and did not seem cause for increased concerns, suggesting these are more likely to be anxiety effects.]]