The 2023 PiggyVest Savings Report reveals the most common savings goals among Nigerians and sheds light on their financial well-being and priorities.
According to the report, emigration from Nigeria, colloquially referred to as “japa,” stands as the third most prevalent savings goal among Nigerian income earners.
This trend aligns with the growing desire among Nigerians to seek better economic opportunities and professional growth beyond their native borders.
Other savings goals in the top three include rent or housing and personal education, reflecting the fundamental importance of securing shelter and investing in self-improvement.
The PiggyVest Savings Report offers a comprehensive exploration of various facets of financial well-being, encompassing income, savings and spending habits, the state of emergency funds, unplanned gifts and expenses, debt, and future financial plans.
The insights presented in the report are based on a survey that canvassed the opinions of over a thousand Nigerians spanning diverse age groups, genders, and income brackets.
A particularly noteworthy discovery in the report relates to the concept of “black tax” and the prevalence of debt. The report reveals that over four in five Nigerian income earners contribute to “black tax,” a substantial expense category for many.
Moreover, more than 30% of Nigerians report being in debt to various sources, including family and friends, loan applications, banks, and others.
Despite these financial challenges, the report offers a silver lining: the culture of savings remains robust in Nigeria. An impressive 79% of Nigerians report having a savings habit with 64% saving consistently and an additional 15% saving occasionally.
These statistics demonstrate a commitment to financial security and a recognition of the importance of saving for the future.
Odun Eweniyi, Co-founder and Chief Operating Officer of PiggyVest, underscored the significance of the report, stating that it extends beyond statistics to recognize the aspirations, challenges, and potential of Nigerians.
Eweniyi emphasized that the report reflects PiggyVest’s unwavering commitment to financial empowerment and inclusivity, providing valuable insights into the current state of financial well-being and the road ahead.
The 2023 PiggyVest Savings Report serves as an illuminating window into the financial goals and challenges faced by Nigerians, revealing a blend of tradition and innovation in the pursuit of financial well-being.
As the world celebrates World Savings Day, the report resonates with the global theme, highlighting the enduring importance of saving and financial stability in an ever-changing world.