Key Findings
The key findings from the cost of living survey conducted across Nigeria, Ghana, Kenya, and Uganda paint a stark picture of financial strain and the limited capacity for savings. Across these countries, most income is spent on basic living expenses, leaving little room for savings or long-term investments. Below are the notable insights from the survey:
Income Expenditure on Living Expenses
Uganda:
%
On average, respondents in Uganda spend an overwhelming 82% of their monthly income on living expenses. This suggests that the majority of Ugandans have little left over after covering basic needs like housing, food, transportation, and utilities. With such a high percentage allocated to essentials, Ugandan households face tight financial constraints, limiting their ability to save or invest in the future.
Nigeria:
%
Nigerian respondents reported spending about 79% of their monthly income on expenses. The economic realities in Nigeria, exacerbated by the high inflation rate and rising fuel costs, mean that most people are barely able to cover their costs. This level of expenditure reflects the intense pressure on household budgets, making it difficult for many Nigerians to save or plan for the long term.
Kenya:
%
Kenyan respondents indicated that 77% of their income covers basic expenses. The ongoing economic challenges, including rising fuel prices and public protests, have immensely strained household budgets. The substantial expenditure on essentials makes it challenging for Kenyans to put away savings or invest in their futures.
Ghana:
%
Ghanaians spend around 74% of their income on daily expenses. Although slightly lower than in Nigeria and Uganda, this still represents a significant burden on household income. Rising costs of food and rent have made it harder for Ghanaians to allocate funds toward savings or other financial goals.
Nigeria:
%
Nigerian respondents reported spending about 79% of their monthly income on expenses. The economic realities in Nigeria, exacerbated by the high inflation rate and rising fuel costs, mean that most people are barely able to cover their costs. This level of expenditure reflects the intense pressure on household budgets, making it difficult for many Nigerians to save or plan for the long term.