Banks, fintech companies, and telecommunications operators have been called upon to rethink and redesign the digital financial tools and services targeted at young Nigerians. This follows new findings from the Nigeria Financial Habits Survey 2025, which uncovered a growing gap between the financial aspirations of youths and the tools currently available to help them save and manage money effectively.
The nationwide survey, carried out by UK-based research firm Column, studied the financial habits of 1,126 digitally active Nigerians aged between 18 and 44 years. The results show that while 79 per cent of respondents expressed a desire to save regularly, 19 per cent admitted they are completely unable to do so. The major reason given for this was unstable or low income.
The report revealed that the average young Nigerian is battling harsh economic realities, including high inflation, rising cost of living, and limited access to simple and affordable financial management tools. These challenges are making it increasingly difficult for young people to plan and control their finances, despite widespread access to smartphones and financial apps.
According to the findings, the bulk of young people’s spending goes towards essential needs. About 72 per cent of respondents said food takes up most of their budget, followed by airtime and mobile data (46 per cent), and transportation (37 per cent). Only nine per cent said they spend money on non-essential items like streaming services or subscriptions.
Even though 97 per cent of respondents said they use financial apps, with Opay being the most popular at 64 per cent, very few—just five per cent—said they use apps that offer budgeting or expense tracking. Instead, many still rely on traditional methods like notepads or simply remembering their spending patterns.
The lead researcher of the study, Dr. Mo Shehu, explained that the issue is not youth irresponsibility, but rather the lack of practical, localised financial tools that reflect the economic challenges facing most young people. “Young Nigerians are not careless with money—they are simply underserved,” he said. “It is time for institutions to stop designing for the ideal and start building for reality.”
Dr. Shehu said the data shows a strong interest in smarter financial tools. About 66 per cent of the respondents said they would like automated savings features, while 75 per cent said they would prefer a single dashboard that brings all their financial data together in one place. This shows a general dissatisfaction with the disconnected and complicated nature of most financial services today.
The report called on traditional banks to go beyond being mere safekeepers of funds. It urged them to integrate open banking features, automated savings options, and more user-friendly designs that are accessible even to users with little financial literacy.
Fintech companies were also advised to develop mobile-first, data-light apps that can help low-income earners easily track their spending, budget wisely, and save without pressure. Dr. Shehu emphasised that digital tools must be designed with simplicity, low bandwidth usage, and the realities of the Nigerian economy in mind.
Telecommunications firms were identified as key players in financial inclusion efforts. With nearly half of the youth’s spending going to airtime and data, the report proposed that telcos could bundle internet access with micro-savings services or financial tools. This could encourage financial planning while supporting digital access.
Retailers were also urged to get involved. The study recommended bundling essential products with airtime or offering rewards through savings-linked loyalty programmes as a way to boost financial discipline among young consumers while also increasing customer loyalty.
The findings come at a time when Nigeria’s inflation rate has reached 24 per cent in early 2025, making it harder for many young Nigerians to keep up with everyday expenses, let alone save money. The report urged policymakers to act swiftly by supporting innovation through regulation, especially by fully implementing the country’s open banking framework.
In closing, the researchers stressed the need for institutions to tailor financial tools to Nigeria’s current economic realities. “Young people are trying their best to save and survive,” Dr. Shehu said. “They need support systems built with them in mind, not imported models that don’t match their struggles.”
