A new report has revealed a troubling reality about financial habits in Nigeria, showing that more than half of the population lacks any meaningful savings buffer.
According to the PiggyVest Savings Report 2025, released in March 2026 by PiggyVest, 53 per cent of Nigerians do not prioritise saving or struggle to maintain a financial reserve.
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The survey, which covered 20,000 respondents across the country’s six geopolitical zones, highlights a deepening savings crisis amid rising inflation and living costs.
The findings suggest that many households are unable to cope with emergencies, let alone plan for long-term financial security, leaving millions vulnerable to sudden financial shocks.
Reacting to the report, Mutual Benefits Assurance Plc has warned that Nigerians must urgently move away from informal savings habits, such as keeping cash at home, toward structured savings.
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According to financial experts at the company, the problem goes beyond low income levels and is often linked to poor financial planning and lack of discipline.
“The challenge is not just about earning more income but adopting disciplined and structured approaches to saving. Structured products encourage consistency, growth, and protection,” a company expert said.
Industry leaders warn that without a nationwide shift toward structured savings, Nigeria’s financial stability at the household level could remain fragile.
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They maintain that encouraging disciplined saving habits is critical to helping Nigerians build resilience and secure their financial futures in an increasingly uncertain economy.
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