A recent report by fintech startup PiggyVest has revealed a concerning decline in the savings habits of Nigerians, with 7% fewer individuals saving in 2024 compared to the previous year. The report highlights the impact of Nigeria's deteriorating economy on the financial decisions of its citizens.

The report, which surveyed Nigerians' saving habits, found that 57% of respondents save a portion of their monthly income, with 47% doing so consistently and 10% occasionally. This marks a decline from 64% in 2023, indicating a shift in financial priorities amidst economic uncertainty.

The top savings goals for Nigerians in 2024 include building emergency funds, starting or growing a business, and providing for children's upkeep. The report also shed light on spending patterns, with 33% of Nigerians spending N50,000 ($30.44) per month and 2% spending between N500,000 ($304.44) and N999,000 ($608.27) monthly.

The findings of this report have significant implications for fintech startups and businesses operating in Nigeria, highlighting the need for innovative solutions that cater to the changing financial needs of the population.