Banks, fintech firms and telecommunications operators have been urged to redesign financial products targeted at young Nigerians, following fresh insights that reveal a significant disconnect between youths’ savings aspirations and the digital tools currently available to support them.

This recommendation comes from the Nigeria Financial Habits Survey 2025, conducted by UK-based research company Column, which assessed the savings behaviour and money management habits of 1,126 digitally engaged Nigerians aged between 18 and 44.

The document obtained by The PUNCH showed that 79 per cent of respondents said they actively try to save, yet 19 per cent admitted they are unable to do so at all, citing unstable or insufficient income.

The findings highlight broader economic challenges, including inflation, rising living costs and fragmented digital tools that make it difficult for young Nigerians to manage money effectively.

The report found that essential spending dominates the average youth’s budget. Seventy-two per cent of respondents prioritised food, followed by 46 per cent who spent significantly on airtime and mobile data, and 37 per cent on transport. Only nine per cent reported spending on non-essential subscriptions.

Despite widespread adoption of mobile financial platforms, 97 per cent said they use financial apps, with Opay leading at 64 per cent, with just five per cent reported using any form of budgeting or expense tracking application.

Many respondents still rely on manual methods such as notepads or memory to monitor their spending.

Lead researcher, Dr Mo Shehu, said the data underscores the need for smarter, more contextualised digital tools tailored to Nigeria’s economic environment.

He noted that the youth are not financially irresponsible but are constrained by systems that are not built for financial uncertainty.


The survey revealed that 66 per cent of respondents are interested in automated savings tools, while 75 per cent want a unified dashboard that aggregates financial information across platforms signalling deep dissatisfaction with existing, disconnected services.

The report urged banks to evolve beyond their traditional role as mere custodians of money by incorporating open banking integrations, automated savings features, and user-friendly interfaces.

It also called on fintech companies to develop mobile-first, data-light solutions that simplify budgeting and expense tracking for low-income users.

Telecommunications firms were identified as potential partners in financial inclusion, with 46 per cent of youth spending heavily on airtime and data.

The survey proposed that telcos bundle connectivity with micro-savings incentives or financial tools that ease digital and economic access.

Retailers were encouraged to adopt creative strategies such as bundling essential goods with airtime or offering savings-linked loyalty programmes to improve youth financial stability while boosting customer retention.

With Nigeria’s inflation rate reaching 24 per cent in early 2025, the report paints a challenging picture of the economic terrain facing young people and calls for urgent reforms to support their financial goals.

The study further advised policymakers to fast-track the implementation of open banking frameworks and ensure regulatory support for inclusive innovation.

“The data shows that young Nigerians are not careless with money, they are simply underserved,” Shehu said. “It is time for institutions to stop designing for the ideal and start building for reality.”