NIGERIANS DON'T TRACK THEIR EXPENSES

Do you as a Nigerian run short of money most of the time? This could be because like majority of Nigerians, you do not keep track of your expenses.
Or so the Central Bank of Nigeria survey report released this week indicate. It shows clearly that most respondents hardly keep track of their expenses.
To the question do you keep track of your expenses, about 53% of respondents either had only a rough idea of their expenses within the last week or don't even know at all.
Those who claimed to have a rough idea came to 26.9% while 26.5% had no idea at all of last week expenses.
On the other hand, only 20.4% said they knew exactly their last week expenses was and another 26,2% had a fair idea.
The situation was only slightly different when asked if they know how much was available to them day by day . Again the majority or this time, 50.7% said they had a rough or no idea at all while only 24 claimed to know exactly how much and 25.3% had a fair idea.
But do not get the wrong message from this. Nigerians, it seems, love to budget for their expenses
To the simple question, do you have a budget, 60.2% of respondents said yes they have while 39.8% admitted to not having.
The male apparently budget more because 65.1% of male respondents said yes while 57.9% of female also said yes
Unfortunately, most Nigerians, male or female only keep to their budget sometimes. The national figure from the survey was 51.4% who keep to budget sometimes and this was almost evenly distributed between male (51.5%) and female (51.2%).
However, 40,7% males said they keep to their budget always just like 39.1% of female respondents.
The rest, of course, rarely or never keep to their budgets.
Finally, majority point to too many unforseen expenditure or unplanned spending as the reason for not keeping to their budget. Actually 41.8% of respondents blame it on unforseen expenditure while 11% said it was due to impulsive or unplanned spending.
To another major group though, increasing cost of living is to blame. This group came to 22.6% of nationwide respondents while 16.9% put it all to battle to survive the times.
By now most visitors to Henates Financial Analysis must be aware that the CBN survey report has just been released and contains interesting findings from a study undertaken in 2015 by the Bank assisted by the National Bureau of Statistics, Enhancing Financial Innovation and Access (EFinA) and Marketwarx Africa.
Henates Financial Analysis has been featuring different findings of the report since it was released by the CBN on its website.

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