A new report by PiggyVest, released today, paints a stark picture of financial well-being in Nigeria, revealing that only six per cent of over 26,000 Nigerians surveyed in 2025 feel financially secure and content. The remaining 94% experience some form of financial strain, with 31% feeling stressed or constrained, 29% extremely unhappy, and 22% in a neutral but unbuffered state. This extensive consumer financial health survey, conducted between August and September 2025 across all six geopolitical zones, offers the most comprehensive insight into household finances amidst ongoing economic reforms.

This low level of financial security stands in stark contrast to Nigeria's macroeconomic narrative. The World Bank's October 2025 Nigeria Development Update reported GDP growth of 3.9% year-on-year in the first half of 2025. The IMF noted a decrease in inflation from a 31% annual average in 2024 to 23.7% by April 2025, attributed to naira stabilization and improved food supply. Foreign reserves surpassed $42 billion, and public debt declined for the first time in over a decade. However, these macroeconomic gains have yet to translate into tangible improvements in the lived experience of most Nigerians, a paradox acknowledged by the World Bank itself.

The report details Nigeria's income structure, with thirty per cent of Nigerians earning less than ₦100,000 monthly, making it the largest income band in 2025. Alarmingly, 28% of Nigerians report earning no income, a sharp increase from 20% in 2023 and remaining unchanged from 2024. While this indicates persistent economic inactivity, there are signs of modest growth at the upper end: 42% now earn above ₦100,000 monthly, with those earning ₦1 million or more rising to 5% in 2025. Middle-income segments show some recovery, as the share of Nigerians earning between ₦100,000 and ₦250,000 rebounded to 24% in 2025 after a dip, and those earning between ₦250,000 and ₦499,999 climbed back to 10%.

A surprising finding challenges the assumption that higher income guarantees financial security. The PiggyVest report reveals that financially secure individuals are found across all income levels, with the majority falling within low-to-middle income brackets. Notably, 14% of the financially secure group earn below ₦100,000, and 10% report having no monthly income at all. The strongest single predictor of perceived financial stability is consistent saving habits, with 54% of financially secure individuals saving a fixed portion of their income monthly, coupled with carrying lighter family obligations.

Despite some income recovery, these gains have done little to improve financial satisfaction, largely due to rising inflation and declining purchasing power. A significant concern is the steady decline in savings. In 2023, 64% of Nigerians saved monthly; this figure dropped to 47% in 2024 and further to 40% in 2025. Conversely, the proportion of those who do not save has more than doubled from 21% in 2023 to 53% in 2025. Among non-savers, 60% (or 57% in another measure) cite not earning enough as the primary reason, highlighting a structural impossibility for many to save given their income and basic living costs.

Spending patterns remain largely consistent, with food dominating household budgets, accounting for the largest expense for 72% of respondents. Other major costs—clothing, household upkeep, utilities, and transportation—have all been affected by inflationary pressures. The report identifies the most stressful financial decisions made in the past six months as structural and recurring: rent and housing (14%), financial support for family or friends (14%), school fees (13%), and starting a business (13%). These four categories collectively account for over half of all reported financial stress, with poor households spending up to 70% of their income on food alone.

Regarding debt, the report suggests relatively low penetration, with 82% of respondents having no outstanding debt. Among those who do, borrowing is largely informal, with friends and family being the most common sources of credit (29%), followed by cooperatives (22%). Loan sizes also skew small, as microloans dominate, with 24% borrowing below ₦50,000 and another 24% borrowing between ₦50,000 and ₦99,999. This indicates limited access to formal credit and a cautious approach to borrowing amid economic uncertainty.

The decline in savings is mirrored in emergency fund data: 6 in 10 respondents have no emergency funds. Among those who do, the majority can cover only 1 to 3 months of expenses, with only 15% meeting the recommended six-month threshold. Generational differences are notable, with Gen Z (18-28 years old) being the least financially protected; only 31% report having emergency savings, compared to 52% of Gen X. Gen Z is also the most likely to depend on a single income source (74%) and to earn below ₦100,000 or report no income, underscoring their vulnerability in an economy where inflation has surged.

The 2025 PiggyVest report's methodology significantly expanded its reach, surveying Nigerians across all six geopolitical zones, including urban, peri-urban, and rural settlements, through in-person interviews. This expanded sample solidified a more alarming and complete picture than previous editions. While financial inclusion has risen to 74% in 2023, the data confirms that having an account and using it to build financial resilience are two distinct realities for most Nigerians. The widespread, structural savings crisis, exacerbated by inflation and inadequate income, means that despite macroeconomic gains, household financial stability is becoming harder to achieve with each passing year.