At 26, Nafisa Musa from Kano exemplifies the resilience of young Nigerians facing economic challenges. Balancing phone repair side gigs and part-time studies, she navigates an unpredictable income by setting monthly savings goals in a worn-out notepad. “I try to save N5,000 monthly,
” she shares, acknowledging occasional setbacks for emergencies or food but remains steadfast in her efforts.
Similarly, Emenugha Victor, a self-employed individual, embraces Piggyvest to secure 50-60 percent of his earnings, adapting to live within his remaining funds. Reflecting on his saving habits, he notes, “
I save when necessary,
” highlighting a pragmatic approach to financial management. His expenses primarily revolve around essentials like food, data, and transportation.
In Enugu, Chinedu Herbert’s entrepreneurial journey unfolds with fluctuating cash flows. He relies on a budgeting app as his ally in tracking expenses and establishing saving targets amidst client payment uncertainties. Herbert emphasizes the significance of this tool in bringing structure to his financial decisions: “
Without it, I’d just be guessing.
”
Meanwhile, Ogu Cletus Chibueze in Kaduna leans on fintech platforms such as Opay and Palmpay for both transactions and psychological peace regarding savings. She humorously remarks on stashing small sums away as akin to “
hiding money from myself,
” underscoring the psychology behind modern saving practices among Nigerian youth.
The Nigeria Financial Habits Survey 2025 sheds light on these personal narratives within a broader context of financial behaviors among young adults aged 18-44. Published by Column – a research and communications firm – the report captures insights from 1,126 respondents navigating financial planning amid inflation rates, income instability hurdles,and digital inclusion disparities.
According to the survey findings,reveals that over half (56.7 percent) of participants consistently prioritize saving,saving once in while at22.2 percent.Some are unable to save due to low or unstable incomes,stressing how capacity shapes individuals’ ability beyond intent”
Thereport underscores that
“Saving is no longer just about willpower—it’s about capacity.”
Despite earnest attempts at saving,a considerable portion struggles against adversities.Nearly one-fifth (19percent) face impediments barring them from setting funds aside adequately.These challenges underscore broader economic constraints faced by young Nigerians seeking financial security amidst external pressures.
Within this landscape of financial prudence emerges motivations fuelling savings behavior.Emergencies reign supremeas top priority(53.2percent)followed closely by goal-oriented objectives such as education or entrepreneurship(28percent).Interestingly,fewer respondents earmark their savings towards building general financial cushions,demonstrating varied priorities among savers.
While traditional banks remain dominant choices for storing financeswith 79percentutilizing bank accounts,fintech apps are gaining tractionacross23percentof users.The evolution towards digital finance signals shifting preferences amongst tech-savvy demographicsseeking convenient tools aligned with modern lifestylesand preferencesfor seamless transactions.
Underlying this surgein fintech adoption is adistinct gap betweenaccessibilityand active engagementwith these innovations.Aslamentedby thereportonly5percent utilize dedicated budgeting appswhile36orrespondentsdonot trackspendingat all.This disparity reveals untapped potentialwithin Nigeria’s digital finance ecosystemcalling for enhanced usability featuresand tailored interventionsmeeting users’ evolving needs
Thissignificant misalignmentbetween resource availabilityand effective utilizationpromptsa critical reflectionon currentfinancial habitsamongstyoungNigerians.Despite widespread app access,lackadaisical user engagementposes achallengein realizing comprehensivefinancial wellnessgoals
In parallel,the spending patterns mirror challengingeconomic conditionswhere survival necessitiestake precedence.Food and groceries claimthe major shareof expendituresfor72percentof respondentsfollowed byairtime/dataexpensesillustratingprioritizationamidscarcity-drivenchoices.Transportationcostsandallocationsto family supportfurther underscorethe straintighteningeffects offiscal limitations
Asdigital transformations reshapeNigeria’sfinancial landscape,policymakers,banks,and fintech firms mustcollaborate toredefine monetary ecosystems.Throughopen bankinginitiativesandenhanced regulationstailored solutions can bridge existing gapsproviding inclusivebanking servicesaligned with contemporarylifestyle demandsThus,meldinginnovative technologieswith robust regulatory frameworksensures sustainablefinancial inclusivityfor allsegments ofsociety
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