A new report on the financial habits of Nigerians has revealed a concerning trend: more than half of the country’s population does not save money, highlighting a growing savings crisis in Africa’s largest economy.
According to the PiggyVest Savings Report 2025, released in March 2026 by PiggyVest, 53 percent of Nigerians do not prioritise saving or lack the discipline to maintain savings funds. The report surveyed 20,000 respondents across Nigeria’s six geopolitical zones, offering insights into the financial behaviour of households across the country.
The findings indicate that rising inflation and increasing living costs are putting significant pressure on household finances, leaving many Nigerians without any form of financial safety net. As a result, numerous households struggle to deal with emergencies or plan for long-term investments.
Concerns over Nigeria’s savings culture
In response to the report, Mutual Benefits Assurance Plc has called for greater financial discipline and a shift from informal savings habits to structured financial products.
According to the company, many Nigerians still rely on traditional methods of saving—often referred to as “under-the-mattress” practices—which do not provide adequate protection or long-term financial growth.
A financial expert from the company noted that the problem goes beyond income levels and is largely linked to poor financial planning.
“The challenge is not just about earning more income but about adopting disciplined and structured approaches to saving. Unlike informal methods, structured products combine consistency, growth, and protection,” the expert explained.
Structured savings as a solution
Mutual Benefits highlighted some of its financial products as potential solutions to the problem. These include the Individual Savings and Protection Plan (ISPP) and the Personal Pension and Investment Plan, both designed to encourage consistent savings while also offering insurance protection.
The company explained that structured savings plans help individuals build financial discipline while ensuring that funds are available when needed.
“Structured savings plans encourage proactive financial planning rather than reactive spending habits,” the company said, adding that such tools could help Nigerians build stronger financial security.
Unlike traditional savings accounts, the Individual Savings and Protection Plan ensures that in cases of unforeseen circumstances, the targeted savings goal can still be achieved through insurance support, thereby protecting beneficiaries.
Calls for financial discipline
The importance of financial discipline has also been emphasised in other financial and corporate circles. At a recent graduation ceremony organised by United Bank for Africa (UBA) for newly recruited professionals, speakers stressed that consistency and discipline remain critical to achieving financial success.
“You don’t rise by talent alone; you rise by discipline. When discipline meets relentless execution, prominence becomes inevitable,” a speaker at the event remarked.
Looking ahead
As Nigeria continues to navigate economic challenges in 2026, financial experts warn that the absence of savings among a large portion of the population poses a significant risk to individual and household financial stability.
Industry leaders are therefore encouraging Nigerians to adopt structured and protected savings systems that combine financial growth with security.
Mutual Benefits reaffirmed its commitment to promoting financial resilience among Nigerians by offering solutions that simplify and secure the savings process.
According to the company, improving savings culture across the country will play a crucial role in helping individuals build financial stability and achieve long-term economic security.
