Nigeria’s savings culture worsens as 53% can no longer save — Piggyvest

Industry leaders and policymakers have raised fresh concerns over the deteriorating savings culture in Nigeria, as new data reveals that more than half of Nigerians are no longer able to save on a monthly basis.

This formed the crux of discussions at the third Piggyvest Finance Roundtable, where stakeholders examined insights from the 2025 Piggyvest Savings Report against the backdrop of rising inflationary pressures and weakening household incomes.

According to the report, 53 per cent of Nigerians have stopped saving monthly, underscoring what participants described as a growing “survival versus growth” dilemma confronting millions of households.Read Also:

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Opening the session, Piggyvest Co-founder and Chief Operating Officer, Odunayo Eweniyi, identified a widening financial literacy gap as a key structural constraint to economic resilience. She stressed that while the scale of the challenge remains significant, collaboration between fintech operators and government institutions would be critical in addressing the deficit.

“The key takeaway from this gathering is the massive financial literacy education gap that exists. The scale of the work ahead is massive… but collaboration between fintechs and the government is the first point to getting started,” she said.

Echoing concerns about shrinking disposable incomes, Piggyvest Chief Executive Officer, Somto Ifuezue, said the company is recalibrating its product offerings to align with current consumer realities.

He noted that many users are increasingly unable to stretch their earnings through the month, prompting a strategic shift beyond traditional savings products toward tools that support day-to-day financial management.

“Our customers have shared that their salaries simply no longer last until the end of the month. In 2025, our mission is to move beyond just ‘saving’ and provide tools that help users manage daily expenses to ensure they make it to the next payday,” Ifuezue said.

From a policy standpoint, Ekiti State Commissioner for Finance, Akintunde Oyebode, emphasised the growing importance of private-sector data in economic planning, particularly in a data-constrained environment.

“In a market where reliable consumer data is painfully scarce, this report is a breath of fresh air. It provides the granular insights that policymakers and companies need to understand how inflation is actually hitting the average household,” he stated.

Meanwhile, concerns over rising consumer indebtedness also featured prominently. Head of the Innovation Unit at the Nigeria Data Protection Commission, Chidera Ike-Okonkwo, warned that increasing reliance on digital lending platforms could have long-term social implications if not properly regulated.

“It is sobering to see the data on how many Nigerians are turning to loan apps just to stay afloat. I am hoping these discussions lead to better innovation not just more apps, but actual solutions that protect Nigerians from falling into permanent debt,” she said.

Analysts at the roundtable agreed that the convergence of high living costs, stagnant wage growth, and limited financial buffers is reshaping consumer behaviour, with immediate survival needs taking precedence over long-term wealth accumulation.

The discussions highlighted the urgent need for coordinated interventions spanning financial education, product innovation, and policy reforms to stabilise household finances and rebuild savings capacity across the economy.