Our mission at Piggyvest has always been to provide Nigerians with the tools to better manage and grow their personal and business finances. As we approach our 10th anniversary of operations in the Nigerian market, we realise that to build tools that truly empower our users, we need to go beyond hearsay and deepen our understanding of how Nigerians earn, spend, save and survive.
That is exactly why we publish The Piggyvest Savings Report annually. When we launched in 2023, we surveyed over 1,000 Nigerians. In 2024, we surveyed over 10,000 people. Now, in its third instalment, the Piggyvest Savings Report 2025 explores the income, spending, savings, debt and financial satisfaction of over 26,000 Nigerians across all six geopolitical regions.
If you’ve ever wondered how other people are surviving this economy, you’re definitely not alone. From the obligations of black tax to the surprising truth about median financial satisfaction, we’ve uncovered real stories backed by data that mirror our daily realities. Keep reading for a quick glimpse into the numbers that define our financial lives today.
The illusion of financial satisfaction
For the first time since we started publishing Piggyvest Savings Reports in 2023, this year’s report introduces a completely new lens: financial satisfaction.
Do Nigerians feel secure with their money? The short answer is no. According to our findings, only 6% of Nigerians feel secure and confident in their financial situation.
It’s definitely not for a lack of trying. While many Nigerian budget and plan actively, the overwhelming majority describe some sort of financial strain. Overall, more than 50% of Nigerians enter each month unsure whether their income will cover basic expenses, reflecting both rising living costs and stagnant earnings.
But here’s where it gets interesting: the data shows that regardless of these feelings, saving actually works!Among those who feel secure and confident in their finances, about 1 in 2 (54% of financially secure respondents) consistently save a portion of their income every month. So, financial satisfaction is shaped not only by what people earn but also by the stability they cultivate and the buffers they build over time.
A shrinking middle class
While nominal incomes seem to have increased on paper, the reality on the streets is quite different. Our report shows that three in ten Nigerian adults earn below ₦100,000 monthly.
David Nwachukwu, co-designer of the West Africa Economic Summit 2025, notes that while lower-income earners are moving up through side gigs and survival entrepreneurship, the middle class is taking a hit.
“The challenge is the shrinking middle, where wages are sticky and do not adjust as quickly as inflation during periods of rapid reform,” he explains.
Piggyvest COO Odun Eweniyi agrees, adding that the naira has lost a lot of its value in the last two years. In her words, “Inflation peaked above 33% in 2024. So people are earning more and affording less.”
The heavy burden of black tax
For many of us, black tax is a reality you simply cannot avoid. Family responsibility continues to be a defining feature of the Nigerian financial landscape. More than half of income-earning Nigerians provide some form of financial support to extended family members.
But who carries the heaviest load?
In a surprising twist, middle children bear the most burden when it comes to black tax. 50% of surveyed middle children pay black tax, closely followed by the oldest children.
If you fall into this category, setting financial boundaries is probably harder than ever.
What the experts are saying
Are Nigerians simply bad at saving? Not at all. People are actively trying to build an emergency fund, but the environment makes it tough.
Odun points out that Nigerians do not have a savings problem, we have a systems problem. “What we’re seeing at scale is that even people with the discipline and intent to save are being forced to redirect those funds toward the basics: food, fuel, rent, school fees. These aren’t discretionary expenses you can cut,” she notes.
Get the full picture
There is so much more to uncover. How are Gen Z Nigerians handling the inflation storm? What are the top things people are going into debt for? The Piggyvest Savings Report 2025 answers all these and more. It’s packed with actionable insights, expert analysis and real stories to help you navigate your finances better.
Read and download the full Piggyvest Savings Report 2025 today!
