Mutual Benefits urges Nigerians on structured savings
A growing number of Nigerians are finding it increasingly difficult to build sustainable savings habits, raising concerns about financial resilience and long-term economic stability. According to insights from the PiggyVest
A growing number of Nigerians are finding it increasingly difficult to build sustainable savings habits, raising concerns about financial resilience and long-term economic stability.
According to insights from the PiggyVest Savings Report 2025, released in March 2026, a significant portion of the population either does not prioritise saving or struggles to maintain consistency, leaving many without adequate financial buffers to manage emergencies or achieve meaningful financial satisfaction.
The report, which surveyed over 20,000 respondents across rural and urban areas in Nigeria’s six geopolitical zones, highlights critical gaps in financial behaviour, particularly around emergency preparedness and long-term planning.
With rising living costs and persistent economic pressures, many Nigerians are focusing on meeting immediate needs, often at the expense of saving for the future.
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As a result, emergency funds remain insufficient or entirely absent for a large segment of households.
Experts warn that this trend poses serious implications not only for individual financial stability but also for broader economic resilience, as unexpected events such as medical emergencies, job loss, or business disruptions can quickly escalate into financial crises.
Industry stakeholders, however, note that the challenge goes beyond income levels and is largely tied to the need for more disciplined and structured approaches to saving.
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Commenting on the development, Femi Asenuga, Managing Director at Mutual Benefits Assurance Plc, said structured financial solutions are critical in addressing the gaps identified in the report.
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He said: “The issue is not just about earning more income, but about creating systems that enable consistency, discipline and protection. Structured savings plans help individuals stay committed while also providing a safety net for unforeseen circumstances,” he noted.
Asenuga stated that Mutual Benefits Assurance is a leading player in Nigeria’s insurance industry and has positioned its savings and investment offerings to support this need.
He reaffirmed the company’s commitment to promoting financial security and resilience among Nigerians through products that make saving simpler, more rewarding and more secure.
According to him, products such as the Individual Savings and Protection Plan (ISPP), Children Education Plan (CEP), and Mutual Investment Plan (MIP) are designed to help customers build disciplined savings over time, earn competitive returns through compounded interest, and benefit from life insurance coverage.
“In addition, the Personal Pension and Investment Plan (PPIP) provides financial support in the event of job loss whether voluntary or involuntary, while also serving as a tool to supplement retirement income. In the event of death, designated beneficiaries receive the entitled benefits.
“By combining savings with protection, these solutions address two critical challenges: lack of emergency funds and low financial confidence. They provide a more reliable pathway for individuals to achieve both short-term and long-term financial goals,” he added.
Financial analysts say structured savings products offer a more dependable alternative to informal savings methods, helping individuals transition from reactive financial habits to more proactive financial planning.
As Nigeria continues to navigate economic uncertainty, experts emphasise the importance of building a savings culture supported by accessible and structured financial solutions.
