With newspapers and television reports constantly bombarding Britons with news of falling house prices, shortened household budgets and even an impending recession, it seems a fair bet to think that many are furiously putting their hard-earned money under their duvets and tightening their purse strings until the worst has come to pass.

Indeed, just a few months ago, cameras showed thousands of people queuing outside branches of Northern Rock after it emerged that it had become the first major high street victim of the-then unknown credit crunch, while more recently drivers have been ignoring official advice and panic-buying at the nation's petrol pumps, partly out of a fear that oil prices will keep on rising.

However, new research has suggested that, far from getting all worked up about the state of the economy, many people are simply getting on with it, confident in their belief that, while multi-national banks or irresponsible borrowers will almost inevitably take a hit, they are largely immune from the global financial slowdown.

Just one in three of consumers questioned by the insurance firm Zurich said that they have reviewed their personal finances in the wake of the credit crunch, with 36 per cent stating categorically that the turmoil will have no effect on them.

In addition, the study found that, in spite of widespread evidence of falling house prices, property still remains a sound investment option.

What's more, 21 per cent of those questioned said that they felt the credit crunch was nothing more than a 'media myth', created by financial commentators and banking giants with their own ends in mind.

Commenting on the findings, Tony Solomon, business development director for Zurich UK Life said: "It is worrying to find that less than a third of people have reviewed their finances in light of the credit crunch.

"With the credit crunch bringing spiralling living costs, from fuel to food to interest rates, families are seeing their budgets stretched to the limit.

"It is crucial for people to do something positive such as seeking advice and reviewing their finances to ensure their money is working as hard as possible to meet their future needs."

In fact, it has never been more important for people to get their finances in order.

Lenders are increasingly only giving credit to those people they think will be able to afford it, menaing those who just carry on with an ostrich-like attitude while inflation rates go up around them, could ultimately find themselves in deep trouble when it comes to an important financial crossroads, such as attempting to take out a mortgage.

Though it may well be summer and therefore there are more pleasant things to be thinking about than economic worst-case scenarios, simply ignoring the obvious or blaming it on some media conspiracy, could be costly, particularly if a real recession comes to pass.