The lack of rainy day savings is coming back to haunt some mortgage holders.

The mortgage deferral scheme ended this week, after a year's relief for some home owners hit by the Covid crunch.

Mortgage broker Sue Tierney says many felt forced to take up the offer, with no savings to fall back on.

She says on average, New Zealand families save just over $400 a year -- so there's little to cushion when hardship hits.

Cooking The Books podcast host Frances Cook joined Simon Barnett & Phil Gifford to discuss our savings habits.

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