With 58 per cent of respondents to a recent survey saying they believed they had been personally affected by the global financial crisis, it could be argued the apparent strength of the economy is a ‘myth’ to some people.

The survey, conducted by the Boston Consulting Group (BCG), found domestic consumers were behaving as if the economy was in crisis, despite its strong performance and the low unemployment rate.

It would appear that whilst we might be half a world away from the European financial crisis and the high unemployment levels of the Northern Hemisphere, Australian consumers are just as battered and cautious as those in the US, the UK and many other developed countries,” he said.

The survey found that 50 per cent of Australians intended to spend less on discretionary items, compared to 47 per cent last year. Even in America they weren’t as gloomy as that!

Australians had one of the highest levels of consumers who felt they were in financial trouble at 47 per cent, up from 36 per cent a year ago.

This was the same level as the US despite a much stronger economy here.

Only the Italians (51 per cent) and Japanese (51 per cent) felt less financially secure than Australians.

More than 1400 Australians were surveyed for the research.

Bloody hell… I reckon this stuff is self-fulfilling. Is it really that bad? I reckon the media have a lot to answer for. Turn off the TV and computer, don’t read the paper for a week and see how you feel then (I feel better already).

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