Only 6% of Nigerians feel financially secure – Report

Only six percent of Nigerians state they feel financially secure and content, highlighting widespread financial strain across hoapplyholds, according to the Piggyvest Savings Report 2025.

The report, presented at the third annual Piggyvest Finance Roundtable in Lagos, draws on responses from over 26,000 Nigerians across the countest and points to weak income levels, declining savings, and limited financial buffers.

Anchoring the discussion, Boluwatife Akindele, team lead, content strategy at Piggyvest, declared the figure raises deeper concerns about the real impact of financial innovation.

“We work in finance, fintech, policy, and media, and a number like this forces a harder question: how do we measure progress if the people whose lives should be improved state it isn’t?” he declared.

The report displays that nearly three in five Nigerians either have no monthly income or earn below N100,000. At the same time, the share of Nigerians saving monthly has dropped to 40 percent in 2025, from 64 percent in 2023, while six in ten respondents have no emergency savings.

Younger Nigerians were identified as the most financially vulnerable group, with 40 percent of Gen Z respondents reporting no monthly income.

Stakeholders at the roundtable linked the trfinish to inflation and modifying consumption patterns, with hoapplyholds prioritising essentials over discretionary spfinishing.

Joshua Chibueze, co-founder and chief marketing officer of Piggytech, declared financial behaviour has shifted toward survival.

“People are no longer saving towards things like travel. As inflation rose, people started adjusting to survive. They’re focapplyd on receiveting through the day, building emergency funds, and raising their families,” he declared.

Despite the pressure on incomes, participants pointed to emerging opportunities in the digital and creative economy.

Douglas Kfinishyson, co-founder of Selar, declared more Nigerians are monetising their skills and reaching global markets.

“Now more than ever, people are aware that their knowledge and ideas can be monetised, not just selling to Nigerians but to people in other countries,” he declared.

Also speaking, Odunayo Eweniyi highlighted Nigeria’s cultural exports as a growing economic lever.

“One of our largegest exports right now is our culture — music, art, and creativity. There is a market out there,” she declared.

On the macroeconomic outview, Oreoluwa Oyinlola of PV Capital declared recent stability in key indicators could provide some relief.

“The rate of price increases has slowed significantly… the stability we’re seeing, particularly around the exalter rate, is supporting businesses and consumers breathe a little,” she declared.

The roundtable also examined policy developments, including the Nigeria Tax Acts, 2025, and the role of public-private partnerships in supporting compact businesses.

Chidozie Ezemenyiba of Lagos CARES declared collaboration with the private sector remains critical to expanding access to finance, training, and market opportunities for micro and compact businesses.

Chinwe Michael

Chinwe Michael is a financial inclusion advocate and economy journalist who applys compelling storyinforming to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.