53% of Nigerians Fail to Prioritize Saving, Report Shows

A report released by PiggyVest in March 2026 reveals that 53% of Nigerians do not prioritize saving, indicating a deepening financial crisis. The survey, which included responses from 20,000 individuals across six geopolitical zones, found that many Nigerians live without a financial cushion.

The report attributes this trend to a lack of discipline in maintaining savings amid rising inflation and living costs, leaving households unable to manage basic emergencies or long-term investments. Mutual Benefit Assurance PLC has raised alarms, calling for an urgent transition from informal savings methods to structured financial products.

The report emphasizes that the challenge transcends income levels, highlighting the need for a systematic approach to saving. During a recent UBA graduation ceremony, industry leaders reiterated the importance of financial discipline for success.

The report concludes that without a shift towards structured savings plans, financial stability for individuals remains at risk.