Piggyvest, one in every of Africa’s largest on-line financial savings and funding platforms, has launched one other version of its in-depth have a look at the funds and priorities of Nigerians. The report, Piggyvest Financial savings Report 2024, is a part of the corporate’s celebration of World Financial savings Day, a day devoted to reminding individuals to guage their spending, domesticate financial savings and work towards monetary stability.
The report surveyed 10,000 Nigerians of various ages, genders and earnings ranges. The outcomes confirmed that greater than three-tenths of Nigerians have a month-to-month earnings of lower than 100,000 kilos, and greater than two-tenths of Nigerians haven’t any supply of earnings. . This exhibits that just about half of Nigerians surveyed are unemployed or underemployed.
Nonetheless, throughout genders, the survey revealed an fascinating pattern. Within the low-income class (lower than £250,000), girls are forward of males, with round 59% of ladies incomes lower than £250,000, in contrast with 49% of males. Nonetheless, males outnumber girls within the high-income class.
PhD. Cosmas retailerCON, Chairman and Chief Government Officer of Coscharis Group, stated the report supplies precious perception into spending and saving patterns, serving to readers perceive their monetary habits and determine areas that require larger self-discipline to domesticate a more healthy monetary life-style.
“They’re additionally important as a result of they reveal shifts in monetary conduct throughout generations. They assist verify whether or not these traits are constant and discover the underlying components and values driving these modifications,” he added.
The report revisits the index measured within the earlier yr by exploring numerous facets of economic well-being corresponding to earnings, saving and spending habits, emergency funds, debt and future monetary plans, and consists of different facets of the monetary lives of Nigerians over the previous yr Similar to inflation and enterprise.
One other key discovering of the report considerations inflation. Inflation in Nigeria reached a file excessive in 2024, exceeding the very best stage since 1996. 9 in 10 Nigerians say they’ve observed a rise on the whole bills over the previous yr.
This strain impacts not solely people but in addition companies, which bear the brunt of inflation. Our survey exhibits that greater than eight in 10 enterprise homeowners have skilled a rise in working prices over the previous yr, with the objects most affected being components, transportation and utilities.
Whereas many facets of the report are regarding, there are additionally some encouraging findings. For instance, about 1 in 10 Nigerians have adopted new financial savings habits in comparison with final yr, together with establishing an emergency financial savings fund that they didn’t have earlier than.
This yrThe Co-Founder and Chief Working Officer of Piggyvest acknowledged a few of the financial savings challenges Nigerians have skilled over the previous yr.
“It’s simple that within the present financial local weather, saving has turn into harder for a lot of Nigerians. The rising value of dwelling, lowered disposable earnings and monetary uncertainty make saving tough. Nonetheless, even within the face of With these difficulties, it is extra necessary than ever to take care of these financial savings habits,” she stated.
The report’s foreword states, “There are a lot of methods to interpret the information we gather, and we hope it will likely be useful to decision-makers within the monetary providers sector and our affiliated markets. We encourage everybody to take part within the 2024 Piggyvest Financial savings Report knowledge and insights Qualitatively assess and reply to modifications in shopper conduct and attitudes concerning spending, saving, entrepreneurship and funding.
Click on right here for a streamlined internet expertise or to obtain the complete report.
About piggy vest
Piggyvest (previously piggybank.ng) is Nigeria’s main on-line financial savings and funding platform. Over 8 years, our purchasers have saved and invested over N2 trillion, quantities they might usually wish to spend. Please go to the web site for extra data.
BellaNaija is a media companion of PiggyVest
