Rent, Personal Education & Japa are Top 3 Saving Goals for Nigerians, According to PiggyVest Savings Report ‘23

PiggyVest, formerly known as piggybank.ng, a leading online savings and investing platform in Nigeria, has published its first ever annual savings report.

According to the savings platform, the survey was carried out between April and May this year, and thousands of Nigerians—of different ages, genders, and income brackets—were surveyed about their saving and spending habits. The respondents were also asked about debt, unplanned expenses, and their financial plans for the future.

In their findings, more than 3 in 10 Nigerians report being in debt, while many are saving towards rent, japan, and education, the PiggyVest Savings Report 2023 reveals.

According to the press release, “emigration from Nigeria—colloquially known as Japan—is the third most common goal among Nigerian income earners. This follows a trend of Nigerians seeking to relocate in search of better economic opportunities and professional growth. Other savings goals in the top 3 are rent/housing and personal education.

The report explores various aspects of financial wellbeing, including income, saving and spending habits, emergency funds, unplanned gifts and expenses, debt, and future financial plans. It is based on insights obtained from a survey of over a thousand Nigerians of different ages, genders, and income brackets.

Another key finding from the report concerns black taxes and debt. Over 4 in 5 Nigerian income earners pay black tax, the report reveals, making it a significant expense category for many Nigerians. Also, more than 3 in 10 Nigerians report being in debt to family and friends, a loan app, a bank, or other sources.

The report isn’t entirely grim, however. From the findings, the culture of saving is still alive and well in Nigeria. 79% of Nigerians report having a savings habit, with 64% saving consistently and 15% saving occasionally.”

Odun Eweniyi, co-founder and chief operating officer of PiggyVest, said, “This report is a testament to PiggyVest’s commitment to financial empowerment and inclusivity. It shows us where we are, what we’ve done, and what we’ve yet to do.

At PiggyVest, we believe in equipping individuals with the tools and knowledge they need to secure their financial future, and this report underscores our dedication to that mission.”

Click here to download the full report.