Piggyvestone of Africa’s largest online savings and investment platforms, has released another edition of its in-depth analysis of the financial well-being and priorities of Nigerians. The report, Piggyvest Savings Report 2024, is part of the company’s celebration of World Savings Day, a day dedicated to reminding people to evaluate their spending, nurture their savings and work towards financial stability.

According to the report, which surveyed more than 10,000 Nigerians of different ages, genders and income brackets, more than 3 in 10 Nigerians earn less than ₦100,000 per month, and more than 2 in 10 Nigerians have no source of income . This assumes that almost half of all Nigerians surveyed are unemployed or underemployed.

However, regardless of gender, the survey reveals an interesting trend. Women outpace men in the lowest income categories (below ₦250,000), with around 59% of women earning less than ₦250,000, compared to 49% of men. However, in higher income categories, men outnumber women.

Dr Cosmas MadukaCON, Chairman and CEO of Coscharis Group, said of the report that it provides a valuable perspective on spending and saving habits, helping readers understand their financial habits and identify areas where more Great discipline is necessary to foster a healthier financial lifestyle.

“They are also crucial because they reveal how financial behaviors change over generations. They help confirm whether these trends are consistent and explore the underlying factors and values ​​driving these changes,” he added.

The report revisits indices measured over the past year by exploring various aspects of financial well-being, such as income, saving and spending habits, emergency funds, debt and future financial plans , and includes other aspects of a Nigerian’s financial life over the past year. like inflation and business.

Another key finding of the report concerns inflation. In 2024, Nigeria saw inflation reach record levels, surpassing levels not observed since 1996. In the past year alone, the national inflation rate has risen from 2023: 25.08% has 32.70% in 2024. Nearly 9 in 10 Nigerians say they have noticed an increase in their general spending over the past year.

This tension has affected not only individuals but also businesses, which have suffered the full brunt of inflation. Our survey suggests that just over 8 in 10 business owners have experienced an increase in their operational costs over the past year, with the most affected items being raw materials, transportation and utilities.

While many aspects of the report are concerning, some findings are also encouraging. For example, compared to last year, around one in ten Nigerians have adopted new saving habits, including creating an emergency savings fund where none existed before.

Odun Eweniyico-founder and COO of Piggyvest recognizes some of the savings challenges Nigerians have faced over the past year.

“There is no denying that saving has become more difficult for many Nigerians in the current economic climate. The rising cost of living, diminishing disposable income and financial uncertainty make it difficult to save money. But it’s more important than ever to maintain these savings habits, even in the face of these challenges,” she says.

According to the report’s foreword: “There are many ways to interpret the data we collected, and we hope it will be useful to decision-makers in the financial services industry and our affiliated markets.” We encourage everyone interested in the data and insights from the Piggyvest Savings Report 2024 to make qualitative assessments of changes in consumer behavior and attitudes around spending, saving, entrepreneurship and investing and to react accordingly.

Click here for a condensed web experience or to download the full report.

About PiggyVest
Piggyvest (formerly piggybank.ng) is one of Nigeria’s leading online savings and investment platforms. For over 8 years, our clients have saved and invested over N2 trillion that they would normally be tempted to spend. Visit the website to find out more.

BellaNaija is a media partner of PiggyVest