A new survey has confirmed that 94% of Nigerians are financially insecure, revealing that only six per cent of the population feel financially secure, according to findings from the 2025 PiggyVest Savings Report presented by fintech firm PiggyVest.
The data highlights pervasive financial vulnerability across the country and underscores the scale of economic strain on households.
The 94% of Nigerians are financially insecure conclusion was unveiled during a roundtable discussion where Odunayo Eweniyi, Co‑founder and Chief Operations Officer of PiggyVest, detailed the report’s findings.
She described the statistics as “a stark picture of Nigeria’s financial health,” indicating that the vast majority of citizens lack financial stability despite increased innovation in the financial technology sector.
The report reflects shifts in financial behaviour as economic pressures reshape saving, spending, and long‑term planning across demographic groups.
Rising inflation, stagnant incomes, and structural barriers to financial services contribute to insecurity, prompting stakeholders to advocate for more coordinated policy responses.
Odunayo Eweniyi emphasised that although fintech platforms have expanded access to savings and investment tools, underlying structural challenges continue to constrain broader financial inclusion and resilience. She explained:
“We cannot out‑innovate social issues. If only six per cent of Nigerians are financially secure, then 94 per cent need help.
While the private sector is providing solutions, many of the challenges and their fixes still lie with the government.”
The 94% of Nigerians are financially insecure statistic emerged from data showing a notable shift in priorities among Nigerians, with more individuals placing greater emphasis on saving for essential needs such as emergency funds and family responsibilities rather than discretionary goals.
Joshua Chibueze, Co‑founder and Chief Marketing Officer of PiggyVest, said the company is deepening its data‑driven insights into how people are coping financially.
Government representatives at the event, including the Project Coordinator for Lagos CARES at the Lagos State Employment Trust Fund (LSETF), Chidozie Ezemenyiba, noted that broader collaboration between state programmes and private sector platforms is needed.
Ezemenyiba highlighted efforts by the Lagos State government to mitigate hardship by supporting residents with loans and grants through initiatives designed to improve access to finance and opportunities.
Under the LSETF’s loan scheme, qualifying individuals can access up to N5 million at a single‑digit interest rate of nine per cent per annum.
Since inception, the fund has disbursed more than N23 billion in loans and over N2 billion in grants to Lagos residents, illustrating targeted interventions amid widespread financial stress.
The 94% of Nigerians are financially insecure finding spotlights the precarious financial position of most Nigerians and points to broader socio‑economic challenges.
Despite fintech innovation offering new tools for savings and investment, the report suggests that financial resilience and access remain limited for most of the population.
The data may influence policymakers and financial regulators to consider reforms that address systemic constraints, such as identity verification barriers and credit systems, which currently restrict full financial inclusion.
Strengthened public‑private partnerships could help expand financial support mechanisms, especially for vulnerable households and micro, small, and medium‑sized enterprises.
