What Low-income Earners Can Do As PiggyVest Survey Shows Millions of Nigerians Have No Savings
- The PiggyVest Savings Report 2025 found that 53 per cent of Nigerians do not have savings
- Experts explain what the challenges are and advise both high and low-income earners
- Financial institutions are also promoting structured savings plans as a solution for Nigerians
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Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
A new report has revealed that over half of Nigerians do not have any form of savings, raising concerns about financial resilience in the country amid rising living costs.
The finding is contained in the PiggyVest Savings Report 2025, released in the first quarter of 2026, which examined the financial habits of Nigerians across the six geopolitical zones.
Source: Getty Images
Majority struggle to save
According to the report by PiggyVest, 53 per cent of respondents said they either do not prioritise saving or lack the discipline to maintain consistent savings.
The survey, which covered 20,000 people nationwide, showed that many households are unable to handle basic financial emergencies, largely due to persistent inflation and the increasing cost of living.
This trend, the report suggests, points to a broader issue of weak financial planning rather than income alone.
Experts call for structured savings approach
Reacting to the findings, Mutual Benefits Assurance Plc urged Nigerians to move away from informal saving methods and adopt more structured financial solutions.
As reported by PUNCH, the company noted that relying on unstructured practices, such as keeping cash at home, limits financial growth and exposes individuals to risks.
“The challenge is not just about earning more income but about adopting disciplined and structured approaches to saving,” a financial expert at the firm said.
Financial products positioned as solution
Mutual Benefits highlighted its savings-focused products, including the Individual Savings and Protection Plan and the Personal Pension and Investment Plan, as tools designed to promote discipline and long-term financial security.
According to the company, such structured plans combine regular savings with insurance protection, ensuring that financial goals can still be met even in unforeseen circumstances.
“Structured savings plans not only encourage financial discipline but also provide reassurance that funds will be available when needed,” the company said.
The importance of financial discipline was also emphasised at a recent event organised by United Bank for Africa, where speakers encouraged young professionals to adopt consistent financial habits early in their careers.
A speaker at the event noted that discipline, combined with consistent effort, is key to achieving long-term success.
Source: Getty Images
Outlook for financial stability
As economic pressures persist in 2026, stakeholders say improving financial habits will be critical to enhancing individual stability.
Mutual Benefits reiterated its commitment to providing solutions that promote savings culture and financial security, noting that structured plans can help Nigerians build resilience and better prepare for future uncertainties.
FG unveils plan to lift 50 million Nigerians out of poverty
Legit.ng earlier reported that the federal government has unveiled a new national framework aimed at lifting 50 million Nigerians out of poverty by 2030.
The initiative, tagged One Humanitarian, One Poverty Response System (OHOPRS), was formerly launched in March 2026, with authorities outlining a financing plan of N16 trillion for the 2026–2030 period.
The initiative will be executed through development partners, the private sector, and climate funds.
Source: Legit.ng
