Only 1 Out of Every 20 Nigerians Earn ₦1 Million Monthly — PiggyVest 2025 Report
A new nationwide financial survey has delivered one of the clearest pictures yet of how Nigerians are navigating money pressures in a fragile economy.
PiggyVest, a leading Nigerian savings and investment platform, has unveiled its 2025 Savings Report titled “How Nigerians Are Really Doing With Money.” The findings, obtained by PulseNets, draw from responses gathered from over 25,000 individuals across both urban and rural communities spanning all six geopolitical zones. Data collection was supported by 90 field enumerators to ensure representation beyond digital users.
Key Income Findings
The report exposes a persistent and deeply uneven income structure across the country:
Only 5% of Nigerians, roughly 1 in 20 people, earn ₦1 million or more monthly. While this marks a slight rise from 2% in 2024, high-income earners remain a very small segment.
About 30% of Nigerians earn below ₦100,000 per month, making this the single largest income group nationwide.
Meanwhile, 42% of respondents earn above ₦100,000 monthly, although most fall within the ₦100,000 to ₦500,000 bracket, reflecting a fragile lower-middle class.
PulseNets learnt that a large share of respondents classified themselves as “struggling” or “just surviving,” with many uncertain whether their earnings can sustain basic living costs amid sustained inflation in food, transport, and housing.
Savings Behaviour and Financial Habits
Despite mounting economic strain, Nigerians are still finding ways to save.
The report showed an increase in both participation in savings and the total volume saved in 2025 compared to previous years.
Savings priorities in 2025 were largely survival-driven. The most common targets included:
Rent and housing, especially in cities such as Lagos, Abuja, and Port Harcourt
Vacations and personal recovery spending
Starting or expanding small businesses
SafeLock, PiggyVest’s fixed savings feature, remained the most widely used wallet among customers.
Notably, more women recorded “A1” financial performance ratings, defined as Wealth Accrued & Expanded Consistently, compared to men.
Savings activity peaked in January, March, and December, while HouseMoney, a rent-focused savings tool, saw strong adoption in Lagos, Abuja, and Rivers State.
Other Notable Insights
Findings reviewed by PulseNets highlight broader financial pressures shaping household behaviour:
Debt and Financial Stress
A significant portion of respondents admitted to managing some level of debt, with many relying on savings platforms as a financial cushion during emergencies.
Inflation Impact
Even where incomes rose in 2025, escalating living costs, particularly food and transportation, meant real purchasing power either stagnated or declined for most Nigerians.
Gender Trends
Women demonstrated stronger savings discipline and recorded higher financial performance scores across several categories.
Regional Patterns
Urban areas in the South-West and South-South regions, including Rivers State, showed higher adoption of digital savings tools, but also faced steeper living expenses.
PiggyVest’s Own Performance in 2025
The report also reflects significant growth for the platform itself.
PiggyVest surpassed 6 million registered users in 2025.
The company paid out a record ₦1.3 trillion to users, representing a 56% increase from ₦835 billion in 2024.
Assets Under Management grew by more than 110% within the same period.
Implications and Recommendations
The 2025 Savings Report reinforces a dual economic reality.
On one side is a small but expanding group of high earners and disciplined savers.
On the other is a much larger population operating within survival-level economics, where inflation consistently erodes income gains.
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PiggyVest advised Nigerians to strengthen financial discipline through structured approaches such as:
Automating savings through tools like Autosave
Setting clear and practical financial goals including rent, emergency funds, and business capital
Exploring multiple income streams where possible
The full PiggyVest 2025 Savings Report is available on the company’s official website.
Over time, this report has evolved into a critical reference point for policymakers, economists, businesses, and citizens seeking a data-backed understanding of household finances in Nigeria.
