Aussies have a serious case of the economic blues

Women express doubt about economy. More and more Australian women are expressing their concern about the perceived strength of the domestic economy.

Australians are generally known for their bounding optimism and positive 'she'll be right' attitude, but a new report by Allianz shows that consumers are getting jittery about the strength of the economy.

A telephone survey of more than 1,205 adults from across the country has offered a rare insight into the way men and women think about money, leading to some experts saying that money really does matter when it comes to feelings of safety and happiness in 2012.

Recovery efforts in Queensland and Victoria after a summer of natural disasters momentarily lifted spirits, but experts are predicting a bumpy ride in the upcoming months.

Allianz Australia managing director, Terry Towell, suggested that "for the most part, regardless of gender, age, or state of residence, optimism about the future of the economy fell substantially over the course of 2011.

Mr Towell said that this trend has continued into 2012, but now it seems that some groups are even less optimistic about the year ahead than they were during the low points of 2011.

One such group is women, who are consistently less optimistic about the economy than their male peers, dropping ten points from a high of 14 on the organisation's index in November 2011 to four in January this year.

During the same period men's optimism more than halved, falling from an average reading of 28 to 12 points.

And with the notable exception of residents in Western Australia, it seems that most of the eastern seaboard is concerned about their jobs, financial security and the impact of external trade decisions on their own household budgets.

"It would appear that the ongoing uncertainty about the global economy being caused by the European sovereign debt crisis and the draw-out recovery in the US economy is contributing to a continuing lack of optimism among Australians about the future of the economy," commented Mr Towell.

Despite feelings of uncertainty casting doubt on the strength of domestic markets, it seems that a number of people are still hopeful things will improve – and it may not be so surprising to learn that this group is mostly comprised of those under 34 years and in the 65+ category.

The Allianz Future Optimism Index is based on the results of regular Newspoll surveys that take into account the latest ABS findings, with the results updated on a monthly basis.