It's always something with money.
According to data compiled by Picodi in a Premium Times Nigeria article, Nigerians currently spend more than 59% of their earnings on food, which is the highest in the world. To further clarify, the average Nigerian spends #48,186 per month on food, surpassing the current minimum wage of #30,000.
And it doesn't stop at food expenses. There's the ongoing expenditure on electricity tariffs, and for those more fortunate, the cost of mobile data.
Crazy right?
This isn't a result of lavish spending or high incomes, as you can tell from the minimum wage amount. It's the constant struggle between trying to live and your earnings, worsened by inflation that keeps pushing costs upward which makes it hard to do anything else with your money.
This financial crunch makes it challenging to wait until the end of the month to get paid, often leading to debt. This is why we introduced our newest solution in the shed, Earned Wage Access by PaidHR, to bridge the gap between employees and their salaries, easing some of the financial stress they face.
As our next step, we've partnered with your favourite money team, The Money Africa, to bring you educational content, insights, financial tools & community support of fellow money enthusiasts via our mobile app.
We understand that free access to your salary, even at a cap of 50%, may raise concerns about financial discipline and overspending. Through our collaboration with The Money Africa, we aim to address these concerns by guiding you through the complexities of today's economy, offering expert advice and support as you manage your daily earnings.
With this partnership, you not only have your earnings at your fingertips but also gain valuable financial knowledge. Here's what you can expect:
- Educational Content: Access articles, tips, and guides covering various financial topics such as budgeting, saving, and retirement planning to help you make informed decisions throughout your financial journey.
- Expert Insights: Receive actionable advice from finance experts to address your questions and concerns.
- Financial Tools: Utilize a suite of financial calculators and planning tools to simplify complex financial tasks, from retirement planning to debt reduction strategies.
- Community Support: Connect with like-minded individuals on their financial journeys. Share experiences, ask questions, and find inspiration from others working towards their financial goals.
In the coming weeks and months, our partners will provide regular content on the app, including the latest financial trends, expert interviews, and success stories from those who have achieved their financial goals.
And this is just the second step in our mission to improve the work and financial life of the average Nigerian.
To access #EWAbyPaidHR and all its perks, encourage your company to sign up and hop aboard the PaidHR (formerly Pade HCM) train. Share this link with them, and we'll take it from there.
We can't wait to embark on this journey of financial flexibility and responsibility with you.