Sharemarkets have tumbled around the world since the start of the year, prompting one overseas bank to predict another global financial crisis is on the cards, but local economists say it's not all bad news for Kiwis.
New Zealand's sharemarket has fallen around 3 per cent this year while the major US markets have plummeted more than 7 per cent on concerns about China's growth prospects and falling oil prices.
But Nick Tuffley, an economist with the ASB, said the fall-out was likely to be mild in New Zealand, with a mixed bag affecting people in different ways.
"Some will be positive and some will be negative," he said.
"We have had a lot of volatility in the China sharemarket which has raised questions over how healthy the China economy is.
"That does matter to a degree because China is one of our top-two trading destinations.
"If this is a warning that there is lower growth coming out of China then New Zealand exports will suffer."
But Mr Tuffley said China's sharemarkets had even bigger wobbles last year and it didn't translate into much lower growth figures.
However, those with money invested in sharemarkets will be directly impacted - including KiwiSaver members.
Mr Tuffley said they should remember KiwiSaver was a long-term investment and there was likely to be many ups and downs.