ASB's latest survey of investor confidence shows it was at its lowest level for three years in June.
The bank's investor confidence index slid four points to a net 8% over the three months to June, and fell to zero in June itself.
That's reflected in the type of assets people prefer to invest in, deserting shares in favour of what are considered safe havens such as term deposits, KiwiSaver and rental properties.
ASB's head of wealth advisory Jonathan Beale says the question over whether Greece would remain in the euro was driving investor confidence.
Mr Beale says rental property was the top choice for investors in the last quarter, but that's been replaced by term deposits.
He says it seems uncertainty in Europe has pushed people to more cautious investment.
Mr Beale says the partial float of Mighty River Power could help increase awareness of share ownership to the public.
The ASB survey showed half the respondents were putting money in term deposits, rental properties and KiwiSaver rather than the stock market.
Auckland investors put their trust in the rental property market, over term deposits.
Canterbury was the only region to buck the trend in the study of 780 people, with investor confidence continuing to grow as its rebuilding gets underway.