A recent report revealed that Nigerians in 2024, save less than they did in 2023. This is a result of the increasingly higher cost of living brought on by the country’s deteriorating economy.
The recently released PiggyVest savings report, by fintech startup Piggyvest, indicated that 7% less Nigerians save in 2024, compared to the year prior.
“When asked about their saving habits, 57% of respondents indicated that they save a portion of their monthly income. This group is comprised of 47% who save consistently every month and 10% who only save occasionally,” the report reads.
“This marks a concerning decline when compared to PiggyVest saving report 2023, where 64% of Nigerians reported having a savings habit,” the report adds.
Additionally, the report showed that in Nigeria, one-third of people make less than N100,000 ($60.89).
Regarding spending patterns, 33% of Nigerians spend N50,000 ($30.44) per month, 35% spend N50,000 to N99,000 ($54.80), 19% spend N100,000 to N199,000 ($121.17), 10% spend N200,000 ($121.78) to N499,000 ($303.83), and just 2% spend between N500,000 ($304.44) and N999,000 ($608.27) each month.
With the aforementioned spending habits and a declining savings culture, here are the top 10 things Nigerians save towards, in light of its declining economy.
Top 10 things Nigerians save for in 2023
| Rank | Immediate saving goals | % of Nigerians |
|---|---|---|
|
1. |
Building emergneicies funds |
32% |
|
2. |
Starting/growing a business |
31% |
|
3. |
Children upkeep |
24% |
|
4. |
Rent/housing |
23% |
|
5. |
New personal belongings |
23% |
|
6. |
Personal education |
21% |
|
7. |
Buying a car |
10% |
|
8. |
Emigrations (Japa) |
10% |
|
9. |
Special events and celebrations |
10% |
|
10. |
Holdiays and vacations |
9% |
