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:
Savings Rates Across Countries
Despite the overwhelming percentage of income spent on essential living expenses, respondents in each country still manage to save a portion of their income, though the rates are modest:
Uganda:
%
Ugandans also reported a savings rate of 15%, the same as Nigerians. Given the high percentage of income spent on essentials, this saving rate suggests that Ugandan households, like those in Nigeria, are doing their best to manage financial security despite significant constraints.
Nigeria:
%
Nigerian respondents manage to save an average of 15% of their monthly income. Despite high inflation and rising costs, this slightly higher savings rate suggests that some Nigerians are still striving to put away funds, though for many, these savings may be depleted by unexpected expenses or emergencies.
Kenya:
%
Kenyans save around 11% of their income monthly. With inflation and economic instability creating significant pressures, this level of savings highlights the difficulty many face in building financial security.
Ghana:
%
Ghanaians reported saving an average of 13% of their income monthly. This percentage reflects the tight margins many households operate under, with limited disposable income remaining after necessities are covered
Nigeria:
%
Nigerian respondents manage to save an average of 15% of their monthly income. Despite high inflation and rising costs, this slightly higher savings rate suggests that some Nigerians are still striving to put away funds, though for many, these savings may be depleted by unexpected expenses or emergencies.