‘Report Reveals 53% of Nigerians Don’t Save’
A startling new window into the financial habits of Africa’s largest economy has revealed a deepening savings crisis.
According to the PiggyVest Savings Report 2025, released in March 2026, over half of the Nigerian population is currently living without any form of financial cushion.
The report, which surveyed 20,000 respondents across all six geopolitical zones, found that 53 per cent of Nigerians do not prioritise saving or lack the discipline to maintain a fund. With inflation and the cost of living continuing to climb, many households find themselves unable to manage basic emergencies, let alone long-term investments.
In response to these findings, Mutual Benefits Assurance Plc is sounding the alarm, calling for an urgent transition from informal “under-the-mattress” habits to structured financial products. The company’s leadership emphasised that the issue often transcends income levels, pointing instead to a lack of systematic 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,” a financial expert at Mutual Benefits noted.
Mutual Benefits is positioning its flagship products, such as the Individual Savings and Protection Plan and the Personal Pension and Investment Plan, as the necessary antidote to this trend.
These plans offer a dual benefit: high-yield savings coupled with life insurance coverage.
Highlighting the necessity of these tools, the company stated, “Structured savings plans not only encourage financial discipline but also provide reassurance that funds will be available when needed. They represent a much-needed shift from reactive financial habits to proactive planning.”
The call for financial discipline echoed sentiments shared during a recent UBA graduation ceremony for top-tier applicants, where leadership reminded emerging professionals that consistency is the bedrock of 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 noted.
As Nigeria navigates the economic complexities of 2026, the message from industry leaders is clear: without a shift toward structured, protected savings, individual financial stability remains at risk.
“Mutual Benefits remains committed to empowering Nigerians with solutions that promote resilience and peace of mind. By making savings simpler and more secure, we support a more stable financial future for all,” the firm concluded.
Unlike standard bank savings accounts, the ISPP ensures that in the event of unforeseen circumstances, the target savings goal is still met through insurance conduits, protecting the policyholder’s beneficiaries.