New Zealand investor confidence has dropped to its lowest level since Covid.

ASB's latest survey shows sentiment is weakest in the lower North Island and among those over 60, with under 40s being more optimistic about their situation.

Senior Wealth Economist Chris Tennent-Brown told Francesca Rudkin global uncertainty and the weak housing market have made the last six months challenging.

He says it's not quite as bad as during the depths of despair during the pandemic.