A new survey of 1,126 Nigerians aged 18–44 reveals a stark tension between financial aspirations and daily economic realities.
While 79% of respondents actively try to save, nearly one-fifth (19%) cannot save at all due to low or unstable incomes.
The findings underscore how inflation, high living costs, and fragmented financial tools hinder effective money management for young Nigerians.
Conducted in May 2025, the study targeted digitally engaged youth, a group critical to Nigeria’s economic future.
Key insights include:
- Survival-Driven Spending: Essentials dominate budgets, with 72% prioritizing food, 46% airtime/data, and 37% transport. Only 9% list non-essential subscriptions.
- Saving Struggles: 53% save primarily for emergencies, but 35% save less than 10% of income. Volatile prices and irregular cash flow disrupt planning.
- Digital Tools Underutilized: Though 97% use financial apps (led by Opay at 64%), only 5% leverage budgeting apps. Manual methods (notes, memory)remain widespread.
- Demand for Automation: 66% want tools to automate savings, while 75% seek a unified dashboard to track all finances, highlighting frustration with disconnected systems.
Sector-Specific Challenges and Opportunities
The report urges action across industries:
- Banks: Must evolve beyond “storage lockers” by offering automated savings, open banking integrations, and user-friendly dashboards.
- Fintechs: Should simplify budgeting and expense tracking, prioritizing low-data, mobile-first designs.
- Policymakers: Need to accelerate open banking adoption and address inflation (24% in early 2025) to restore trust in financial planning.
- Telcos: With 46% of youth spending heavily on airtime/data, bundling connectivity with micro-savings or rewards could ease financial strain.
- Retailers: Can build loyalty via value bundles (e.g., food + airtime) and tools linking purchases to savings goals.
The Path Forward
“The data shows young Nigerians are eager to take control of their finances but lack tools that match their realities,” notes Dr. Mo Shehu, lead researcher. “Solutions must be mobile-native, automated, and built for uncertainty, not just optimization.”
Report Source: Nigeria Financial Habits Survey 2025, conducted by Column, a UK-based research firm. Full data available at columncontent.com/reports.
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