Most households

The majority of households are in personal financial crisis, or are close to falling into it, with one in 10 having already missed a mortgage or rent payment.

Households have been hit hard by the Covid-19 economic crisis, an international survey including 3000 New Zealanders showed.

The impacts of the shuttered economy in March and April fell hardest on young families, Ma¯ ori, Pacific people and people working on already insecure contracts, the research from the Commission for Financial Capability showed.

Those with capital in debt-free homes and savings and investments, were least impacted.

The survey, which was conducted during the level 4 lockdown in April, was also conducted in Norway and the United Kingdom, where households were feeling more secure than they were here.

‘‘It was a dark time for many, and we acknowledge that some may be feeling more optimistic now that we’re in level 2 and following the Budget announcements,’’ Retirement Commissioner Jane Wrightson said.

At that time 34 per cent of households were in difficulty and 40 per cent were at risk of tipping into hardship.

After more than a decade of economic growth, the lack of resilience of households was shocking, Wrightson said.

She said there were three broad groups identified by the survey – the 26 per cent of