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

Large scale major events change people's perceptions. The effects of the global financial crisis on workers"Ÿ 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.