Young people are finding it more difficult to make ends meet, with about a third finding it hard to make payments, and one-in-five are living paycheck to paycheck.
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ASB's most recent Financial Wellbeing research found 18-24-year-olds were 34 percent more likely to experience payment problems than the national average.
A third had never had enough money saved to cover a single month's worth of expenses, with more than half (53 percent) having less than $1000 available to them in savings, compared with 41 percent of all New Zealanders.
The survey found young people were spending more of their money on essential day-to-day living costs such as rent, food and transport compared with other age groups.
Rent or mortgage made up 20 percent of spending on average, compared with 15 percent of all other age groups.
"The past couple of years has been tough with Covid lockdowns and rising inflation," ASB's Adam Boyd said.
ASB recently launched the 'Level Up' campaign to help 18-24-year-olds looking to boost their financial knowledge and wellbeing, he said.
"Our findings showed that while they are looking to enjoy life now, building long-term financial resilience was important for many 18-24-year-olds," Boyd said.
"They're looking for money management insights, and they know that spending well can matter as much as saving."