NIGERIANS RATHER SAVE THAN BORROW

According to a major finding of the recently released Central Bank of Nigeria report on its 2015 survey was the fact that Nigerians will rather save than borrow.
Respondents to the survey were asked whether they have any form of saving or not, 84% of them said they have. A slightly higher percentage male respondents (85%) than female (82%) were in this category.
However, for both male and female there was almost equal unpreparedness to apply for a loan or credit. Of the respondents, only 36% indicated having any loan or credit at the time of the survey.
Broken down further 37% of the male respondents fell into this group while the female percentage at 35% was lower.
The average Nigerian's preference for saving became clearer from the survey's findings about their attitude to savings.
To the simple question do you save as much as you would? 84.6% said they do not while only 15.4% of the respondents were satisfied with their level of saving.
This was more or less confirmed further when only 23.1% of respondents indicated that they save regularly while 76.7% did not save regularly.
However, the bulk of respondents (55.1%) save only what is left after meeting their expenses while 34.7% saved irrespective of left over after expenses.
Flowing well with these was the fact that 74.6% of respondents agreed that their saving culture is affected because they do not have sufficient or regular income. Thus only 25.4% considered their income sufficient or regular enough to save portions of the take home.
Finally, according to the CBN report 91.3% of Nigerians disagreed, some even strongly that there was no need to save while only 8.7% agreed.
The very revealing financial literacy baseline survey was conducted in 2015 by the CBN aided by the National Bureau of Statistics; Enhancing Financial Innovation and Access (EFinA) and Marketwarx Africa using a questionaire adapted from one earlier deployed successfully in Tanzania.
The survey was intended to determine financial capability amongst various segments; identity main issues mitigating against financial inclusion; provide helpful data for channeling resources and develop data for input into formulation and review of relevant policies in Nigeria.
It was administered across randomly selected enumeration areas and households in all the 36 states of the Federation and Abuja.

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