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2024

In 2023, we asked 1000 Nigerians about their relationship with money.

We learned a lot from our findings lessons we have implemented through small and big changes to Piggyvest’s features. We have gotten to know our users better and learned that there is no such thing as too much data if you want to solve money problems.

So, this year, from June to August, we surveyed over 10,000 Nigerians of different ages, genders, and income brackets - about their saving and spending habits. We also asked about debt, inflation, business, and their financial plans for the future.

The results are in, and they suggest that a lot can change in a year.

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Chapter One

Income

We asked:
19%

No income

No income

25%

<N100,000

<N100,000

14%

N100k-N249k

N100k-N249k

6%

N250k-N499k

N250k-N499k

3%

N500k-N999k

N500k-N999k

2%

> N1m

> N1m

37% of our respondents said they earn below ₦100k.

Adaora*, a 23-year-old salary earner based in Enugu:

“It’s like peanuts these days, earning ₦100k.”

vs.
223


2023

20%

2024

28%
No income

Men are about 1.4 times more likely than women to earn a monthly income of ₦1,000,000.

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29%
38%

<N100,000

31%
43%

N100k-N249k

32%
36%

N250k-N499k

36%
32%

> ₦500k

35%
32%

> N1m

35%
32%

> ₦2m

39%
28%

> ₦5m

Women edge ahead of men in the lower income categories (below ₦250,000), with about 59% of women earning below ₦250,000, compared to 49% of men. However, in higher income categories, men outnumber women. Men are about 1.4 times more likely than women to earn a monthly income of ₦1,000,000, and men are almost twice as likely to earn a monthly income of ₦5,000,000 and above.

Because of the burden of care, women have less time to spend in the labour force. This affects the amount of hours a woman has to devote to income-generating work, and inversely how much she can earn from work.

— Fadekemi Abiru
Head of Insights, Stears Inc.

We also asked Nigerians how many income streams they had

One income stream

47%

Two or more income streams

19%

Of the respondents who reported having a monthly income, a little more than 7 in 10 said they rely on only one income stream, while less than 3 in 10 rely on two or more income streams. Our findings suggest a decrease in Nigerians with more than one income stream compared to last year.

vs.
223


2023

61%

2024

71%
One income stream

2023

39%

2024

29%
Two or more income streams
38%
15%

Boomers

39%
18%

Generation X

40%
16%

Millenials

28%
12%

Generation Z

Across Generations

One Income Stream

Two or More Income Streams


Men are about 1.4 times more likely than women to earn a monthly income of ₦1,000,000.

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Chapter Two

Spending

We asked:
22%

< ₦50k

< ₦50k

24%

₦50,000 - ₦99,999

₦50k - ₦99k

13%

₦100,000 - ₦199,999

₦100k - ₦199k

7%

₦200,000 - ₦500,000

₦200k - ₦500k

2%

₦500,000 - ₦999,999

₦500k - ₦999k

1%

> ₦1m

> ₦1m

A little over one in three Nigerians spends between ₦50,000 and ₦99,999 on average each month, not accounting for emergencies.

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A little over 1 in 3 Nigerians reported spending between ₦50,000 and ₦99,999 each month, making it the most common average monthly expense range. The next most common category was those spending below ₦50k, accounting for 1 in 3 Nigerians. Meanwhile, the least common spending category was those who reported spending ₦1,000,000 and above monthly, with about 1 in 100 Nigerians falling into this group.

We asked Nigerians what their most significant monthly personal expenses are

56%

Food and Groceries

32%

Transport

26%

Bills and Utilities

24%

Clothing

16%

Childcare

16%

Housing

12%

HealthCare

10%

Education

8%

Family Support

6%

Clubs

3%

Religious Obligations

Over 80% of our respondents picked food and groceries as one of their biggest monthly personal expenses.

We asked:

A little over 7 in 10 Nigerian income earners pay black tax. Of those who pay black tax, 65% report paying it monthly; only 35% pay it occasionally.

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Mr. Ekene Justice*, a Keke driver, says,

“[Black Tax] affects my financial status so much it doesn’t even allow me to breathe. Any money I get out of the business, there is already a problem standing there just to answer.”

Chapter Three

Savings

vs.
223


2023

64%

2024

47%
save monthly

Mr James Uche*, a Civil Servant based in Plateau State:

“I used to save, but the increase in school fees, electricity tariffs, and even the cost of fuel has made it very difficult to continue. It has really taken a toll on my savings and affected my ability to save.”

It's undeniable that saving has become more difficult for many Nigerians in the current economic climate. Rising living costs, shrinking disposable incomes, and financial uncertainty make it challenging to set money aside. But, it's more important than ever to hold on to these savings habits, even in the face of these difficulties. Saving provides a crucial cushion against financial emergencies—whether personal or national—and builds resilience.

— Odunayo Eweniyi
COO, Piggyvest
Stay prepared for life's emergencies!
22%

Building emergency funds

21%

Starting/Growing a Business

16%

Child(ren) upkeep

16%

Rent/Housing

16%

New personal belongings

14%

Personal education

7%

Buying a car

7%

Emigration [Japa]

7%

Special Events and Celebrations

6%

Holidays and Vacations

6%

Debt Repayment

5%

Medical

3%

Wedding Expenses

Starting or growing a business is the second-ranked short-term savings goal for Nigerians.

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2023
24%

Rent/Housing

Rent/Housing

16%

Personal Education

Personal Education

14%

Japa

Japa

14%

Vacation

Vacation

12%

Gadgets/ Personal Items

Gadgets/ Personal Items

10%

Children

Children

10%

Buying a car

Buying a car

In 2023, Japa was the savings goal for 21% of Nigerians. Since then, it has dropped behind seven other goals, like personal education, buying a car, and rent/housing, and now represents just 10% of immediate savings goals.

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Odunayo Eweniyi, COO Piggyvest says

“At PiggyVest, we offer features like savings automation and breaking down saving into manageable, bite-sized bits that align with whatever people can afford to set aside. We know that for many, saving even a tiny amount can feel like a sacrifice, which is why we strive to make saving as seamless, unintimidating, and accessible as possible, tailored to the financial constraints people face daily.”

Save with as little as ₦1,000

Chapter Four

Emergency Funds

More than 6 in 10 Nigerians don’t have emergency funds, which allows them to take care of emergencies without incurring debt.

Across Generations

Younger generations, particularly Gen Z, are less prepared for financial emergencies. Generation Z is the least likely to have emergency savings, while older generations seem to be somewhat better equipped. Generation X shows the highest level of financial preparedness for emergencies, followed closely by Boomers and Millennials.

38%
0%

Boomers

39%
0%

Generation X

40%
0%

Millenials

28%
0%

Generation Z

Generation X shows the highest level of financial preparedness for emergencies, followed closely by Boomers and Millennials.

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Chapter Five

Debt

No, I'm not in debt

52%

Yes, I'm in debt

14%

A little over 2 in 10 Nigerians report being in debt.

vs.
223


Across
Generations

12%

Boomers

Boomers

20%

Generation X

Generation X

16%

Millenials

Millenials

11%

Generation Z

Generation Z

GenX Nigerians have the highest likelihood of being in debt.

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We asked Nigerians who they’re in debt to.

Over four in 10 Nigerians in debt are indebted to their family and friends. Specifically, of every 100 Nigerians in debt, 45 are indebted to a friend or family member.

Fadekemi Abiru, Head of Insights, Stears Inc., says

“Borrowing from friends and family is a sign of the resourcefulness of Nigerians and the strong community bonds and high trust within these communities. Still, it does not have the same impact as institutionalised credit facilities. This form of borrowing also makes it difficult to transmit monetary policy successfully.”

We asked Nigerians in debt how much they owe.

Among those who reported debt, the largest group—over 1 in 4 —owe less than ₦50,000.

18%

A major expense

17%

Business needs

12%

Financial emergencies

12%

No/Low Income

4%

Spending more than I earn

3%

Impulse Spending

2%

Major life occasions

1%

Gambling/ Betting

The most common factor people believe led them into debt, accounting for 26% of all cases of debt, is a major expense, such as a car, rent, education, or wedding. Business needs follow closely behind, responsible for driving nearly 1 in 4 Nigerians into debt.

The most common factor people believe led them into debt is a major expense, such as a car, rent, education, or wedding.

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Chapter SIx

Business

26% of our respondents - almost 3 in 10 - say they do.

Male

16%

Female

18%

While both men and women are actively engaged in business ownership, women are notably more likely to own businesses than men.

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Chapter Seven

Inflation

87% of our respondents say they have. This tallies as within the past year alone, the national inflation rate has gone from 25.08% in 2023 to 32.15% in 2024.

Nearly 9 in 10 Nigerians say they have noticed an increase in their general expenses in the past year.

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Melody*, a student in Abakiliki, says:

“My expenses have gone up—transportation, feeding, even the cost of textbooks in school—so it's affecting me, and sometimes I'm really running out of cash.

We asked: Which specific areas of your expenses have seen the most significant increase in the past year?

18%

Childcare

Childcare

20%

Clothing and Upkeep

Clothing and Upkeep

51%

Food and Groceries

Food and Groceries

10%

Healthcare and Fitness

Healthcare and Fitness

14%

Housing and Rent

Housing and Rent

8%

Personal Education

Personal Education

2%

Religious Obligations

Religious Obligations

28%

Transport Costs

Transport Costs

24%

Utility Bills

Utility Bills

Food and groceries are the personal expense category most impacted by inflation, followed by transportation, utilities, and personal upkeep.

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Chapter Eight

Future Plans

About 1 in 2 Nigerians say it’s financial freedom.

While Japa still appears as one of Nigerians' long-term goals, it has become less of a priority, as only 16% of Nigerians have it as a future goal they’re working towards.


2023

49%

2024

16%
Japa
25%

Boomers

Boomers

30%

Generation X

Generation X

36%

Millenials

Millenials

36%

Generation Z

Generation Z

Financial Freedom

Conclusion

Nigerians have become more acclimatised to rising expenses due to incessant inflation. These pressures are particularly challenging for those in lower income brackets, who must contend with reduced purchasing power and the added weight of high living costs.

Despite these difficulties, there are steps individuals can take to guard their finances and adapt to the economic climate. Here are a few actionable tips:

Automate savings to battle lifestyle inflation.

Prioritise necessary spending.

Invest in inflation-resistant assets.

Explore auxiliary income flows.

Invest in alternatives that cut recurring costs.

The better way to save and invest!

Join over 5 million users to save and invest with ease.

That's not all.
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