Investor confidence fell to 6% in the March quarter, down five percentage points from the previous quarter after stabilising late last year, ASB’s latest Investor Confidence survey shows.
ASB Senior Economist Chris Tennent-Brown says global events played a clear role in shaping sentiment during the quarter.
“The change in mood was especially clear in March, which aligns with the timing of recent global developments. These events tend to amplify uncertainty, even if the underlying economic fundamentals have not materially changed,” says Chris.
Younger investors stood out as a relative bright spot. Net confidence among those under 30 rose to 21%, up from 16% in the previous quarter, while confidence declined for all other age groups. Confidence in KiwiSaver among under-30s also lifted, increasing to 23% from 16%.
Chris says it is important to distinguish between confidence levels and actual market performance.
“While confidence has dipped, the world’s major sharemarkets have continued to perform well, albeit with bouts of volatility. KiwiSaver, managed funds and global share markets have recovered from earlier volatility, with US equities back trading around their highs,” he says.
”Markets are forward-looking and tend to move quickly, which is why making reactive changes based on short-term sentiment can be counterproductive.”
During the quarter, New Zealanders have stuck with familiar, long-term investment options. In terms of perception of best return, respondents rated their own home and KiwiSaver jointly as the investments most likely to provide the best returns, with both options selected by 16% of respondents, while rental property also rose over the quarter.
Overall, the survey reinforces the importance of maintaining a long-term focus, even when confidence softens.
“A key message for investors is to stay anchored to a well-planned, long-term investment strategy rather than reacting to short-term noise,” says Chris.
Notes:
ASB has tracked investor confidence in the NZ market since 1997. This analysis is based on 727 online interviews in Q1 2026 with adults aged 18 years and older throughout New Zealand. A sample of this size has a maximum margin of error of 3.6% at the 95% confidence level. Fieldwork occurred between 7th January and 1st April 2026.