Nigeria is a blessed country of over 170 million people from different ethnic, religion, economic and cultural background. The nation has a large number of business minded people who are by nature entrepreneurs. Hard work and the making money is synonymous with the people but then how much of such money is saved out of all the hustles and the reasons why Nigerians save money is a different matter. Savings gives financial freedom and relief from the fear of the unknown. Here are
9 Reasons Why Nigerian Save Money.
1. To Purchase Electronic gadgets. To buy gadgets is one of the main reasons for many in the country to save money, especially the youths. We love entertainment and so whether it is radio, TV, phones, computers, IPADS laptops, home theatres etc Nigerians will go for it. To save money to buy gadgets is therefore a priority to many.
2. To Buy Mobility. The country is made up of very agile people who move about a lot to either do business or visit family members and for ease of that, cars, motor bikes, bicycles are some of the means of transportation which people aim for. The train service is not yet fully developed so personal means of transportation is a must. Savings are made in order to purchase such means.
3. To Buy Clothes: Nigerians are a very fashion conscious people so money is saved towards the buying of clothes. This cut cross the young, the old, male and female, rich and poor. Any occasion calls for opportunity to wear new clothes whether graduation, baby dedication, weddings etc. In order to have these clothes, savings is a must.
4. Rent/Build A House/ Pay Mortgage. Owning a house is every ones heart desire and with proper planning and saving, this money consuming task is possible. The dream to become a landlord is achievable with proper budgeting. To have money to pay for rent or mortgage, keeping money is necessary and they should be in the top three items on your list.
5. Education. If you want standard education for your children and also for yourself when you decide to further, you have to have money on ground and that means that couples have to start saving early and regularly, so as to accumulate enough to meet up this need.
6. Social Events. You cannot separate Nigerians from entertainment. We love big gatherings whether it is weddings, parties, burial, naming or name it, the bigger the merrier. People save money towards these events, while others even borrow money from banks for weddings or to bury loved ones.
7. Investment. Starting a business requires money and so saving towards that is necessary. Building a business demands money and before any business to commences, all savings in hand become very useful.
8. Vacation. Travelling and holidays are very important in the country. Any time a public holiday is approaching people plan and save towards such occasions. To identify with nuclear and extended family members in their events is a very big priority to our people and so money is saved towards such activities.
9. Retirement. This seems to be the last thing on many people’s mind. A greater number of people don’t have retirement savings or even think of saving for retirement especially those who own businesses. Those who have started from the first day they resume especially those that work with the government or multinational corporations. Employers insist that workers save money in their pension funds towards their retirements when the strength to work no longer exists. With this workers don’t have any option but to save.
These are some of the reasons why Nigerians save money. Do you know of other reasons?