SCHOOL FEES TOP PRIORITY FOR NIGERIANS

It appears that any Nigerian not inclined to paying the children's school fees when money is short, is an uncommon Nigerian.
According to the recently released Central Bank of Nigeria survey report, when faced with financial crises only 0.7% of respondents to the survey conducted in 2015 will choose not to pay the children school fees in an effort to cope.
Decoded, by 2015, payment of school fees for whatever reason was top priority for most Nigerians.
Even though the survey found that Nigerians were more inclined to save rather than borrow, 39.5% of respondents will rather borrow in order to cope with financial crises.
On the other hand, 24.5% will rather deep into savings or save more to handle the situation while 16% of respondents will engage in extra work to earn extra income; 10% will decide to sell an asset and only 5% will resort to forgoing essentials.
Interestingly, talking of borrowing majority of respondents would rather reach out to family and friends or even a money lender than go to banks and other financial institutions.
According to the survey report, 83.9% of respondents would reach out to family and friends. This is slightly unevenly distributed between urban and rural areas.
About 80.7% of respondents from urban areas would reach out to family and friends while 85.1% of rural responses fell into this category.
From a long distance the money lender comes in handy too when Nigerians are in dire straits. About 9.7% of urbanites would go to money lenders for help while only 7.1% of rural respondents would; leading to a national score of 7,9% of respondents.
Also on national level only 4% of respondents will look towards financial institutions while trying to borrow and only 1.1% had their eyes on their employers.
But by 2015 what did Nigerians see as responsible for their running short of cash?
If you think that because many Nigerians depend on family and friends, this must be a major source of income inadequacy, you will be very wrong. Nigerians, it seems, do not see it that way at all.
From the survey report, only 1.4% of respondents considered help to others as reason for running short of money.
The majority (64.4%) blame it on low or fluctuating income or no income at all because of unemployment while 15.7% put their finger on too frequent expenses and 10.4% put it all to increasing cost of living.
Very few Nigerians felt this was because they overspend (2.2%); or do not plan ahead (1.8%) or because they engage in impulsive spending.
The financial literacy baseline survey was carried out in 2015 by the CBN with help from local and foreign experts to, amongst other objectives, develop data for input into formulation and review of relevant policies.

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