Nigeria's savings landscape has undergone a significant shift, with "Japa" (emigration) no longer a top priority for savers, according to a recent report by PiggyVest. The report reveals that economic pressures, inflation, and a higher cost of living have led to a decline in savings rates, with only 57% of Nigerians saving money, down from 64% in 2023.

The primary focus of savers has shifted to building emergency funds, which now accounts for nearly 30% of immediate savings goals. Other top priorities include personal education, buying a car, and rent or housing. The report surveyed over 10,000 Nigerians and highlights the struggles of the population in the face of economic uncertainty.

The decline in savings rates is attributed to the squeeze on disposable incomes, with 25% of Nigerians having no income and 37% earning under ₦100,000 monthly. The report also reveals a significant gender disparity in income, with 59% of women earning below ₦250,000 compared to 49% of men. The findings have significant implications for fintech startups and policymakers seeking to promote financial inclusion in Nigeria.