03
Saving Habits & Changing Priorities
2023
2024
Feeding
0
%
2023
2024
Transportation
0
%
2023
2024
Utility
0
%
2023
2024
Rent
0
%
The only thing Nigerian employees can afford to save this year is themselves, barely anyway.
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Spending Trends
1 in 3 individuals spend
0
%
on basic essentials
Essentials being- Food, transport, rent, utility
Our population spends
0
%
of their income on BLACKTAX
For black tax, there is no fixed amount. The average amount I send is 5,000 naira.
Nnamdi (58, Married, 30k)
While the amount might seem small on its own, considering the limited income(30,000 naira per month) and high essential expense allocation (75%), it represents a significant chunk of his disposable income.
Saving Trends
Every 3 in 10 individuals
Have no savings
With such a high percentage allocated to needs, only a limited amount remains for discretionary uses. This limited amount encompasses everything from wants and desires to crucial financial goals like saving for retirement or emergencies.
I usually save about 20,000 naira but I haven't saved this year because of the high cost of living.
King (35, Married, 55k)
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Download the
Report
The findings of this report underscore the financial strain faced by employed Nigerians. This highlights the urgent need for innovative solutions, such as earned wage access, to provide financial relief and support the well-being of Nigerian workers.
For a deeper dive into the data and specific figures, refer to the full report:
Turn Insights into Action
Our “State of The Employed” report reveals that 70% of employees lack access to financial support from their employers. With PaidHR’s Earned Wage Access, you can offer your team instant access to part of their salary anytime—at no extra cost to your organization.
Ready to see it in action? Book a demo today.
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