10 New Studies On Saving Money In 2024

Hello there, fellow Nigerians! Are you ready to give your wallet a break and your savings account a boost? Well, you’re in luck because we’ve got some fresh insights from the money experts. 

 

Let’s dive into 10 new studies about saving money in 2024 that could change the way you think about your Naira. So, grab a cold drink, sit back, and let’s explore how to make your money work harder for you!

 

1. Micro-Savings Apps: Small Change, Big Impact

A new study from Lagos Business School shows that micro-savings apps are making waves in Nigeria. These apps help you save small amounts regularly, and guess what? It adds up fast!

 

The study found that users of these apps saved 30% more than non-users over six months.

What does this mean for you? Consider downloading apps like PiggyVest or Cowrywise. They make saving as easy as buying airtime!

 

2. Breaking Down the Mental Walls

Researchers at the University of Nigeria, Nsukka, discovered that many Nigerians struggle with saving due to psychological barriers. The biggest culprit? The “I’ll start tomorrow” syndrome.

 

To overcome this, try setting a specific savings goal. Want to buy a new phone or plan a trip to Calabar Carnival? Having a clear target makes saving feel more real and achievable.

 

3. Saving Across Generations: From Boomers to Gen Z

A study by EFInA (Enhancing Financial Innovation & Access) revealed some interesting differences in how Nigerians of different ages save. While older generations prefer traditional savings methods like ajo (contribution clubs), younger Nigerians are all about digital solutions.

 

No matter your age, there’s a saving method for you. If you’re young, embrace those apps. If you’re older, why not try combining traditional methods with new tech?

 

4. Financial Education: Knowledge is Naira

The Central Bank of Nigeria’s research shows that people with better financial education save more consistently. It’s not just about how much you earn, but how much you understand about money.

 

Take advantage of free online courses or attend financial literacy workshops in your community. The more you know, the more you can grow your savings!

 

5. Saving in Tough Times

With Nigeria’s economy facing challenges, a study from Pan-Atlantic University found that external factors greatly influence savings rates. Inflation, job security, and even fuel prices all play a role.

 

The key takeaway? Start an emergency fund if you haven’t already. Aim to save at least three months of living expenses for those “just in case” moments.

 

6. Set It and Forget It: Automatic Savings Win

Research from the Nigerian Economic Summit Group shows that automatic savings programs are incredibly effective. People who set up automatic transfers save almost twice as much as those who don’t.

 

Talk to your bank about setting up automatic transfers to a savings account every payday. It’s like paying yourself first!

 

7. Healthy Wallet, Healthy Life

Here’s a surprising one – a study from the University of Ibadan found a strong link between physical health and financial health. People who exercise regularly and eat well tend to be better savers.

 

So, while you’re working on your finances, don’t forget to take care of your health too. A jog around the neighborhood or choosing oha soup over junk food could boost both your health and your savings!

 

8. Social Media: Friend or Foe to Your Savings?

Researchers at Covenant University discovered that social media has a huge impact on spending habits, especially among young Nigerians. The pressure to “keep up” can drain your wallet fast.

 

Try this: For every item you’re tempted to buy because of social media, put that amount into your savings instead. You might be surprised how quickly it adds up!

 

9. Start Young, Finish Rich

A long-term study by the Nigerian Institute of Social and Economic Research shows that people who start saving in their 20s end up with significantly more wealth by retirement age.

 

If you’re young, start now, even if it’s just a little. If you’re older, encourage the young people in your life to start saving early. It’s never too late to start, but earlier is always better!

 

10. Tech Tools for Smart Saving

 

These digital banks offer innovative ways to track your spending and boost your savings.

There you have it, folks! Ten fresh studies packed with insights to help you save more Naira in 2024. Remember, saving money isn’t about depriving yourself – it’s about securing your future and peace of mind.

 

Start small, stay consistent, and watch your savings grow. Whether you’re saving for your dream home in Lekki, planning for your children’s education, or just building a safety net, every Naira counts.

 

So, which of these savings strategies will you try first? Maybe you’ll download a micro-savings app today, or set up that automatic transfer you’ve been meaning to do. Whatever you choose, your future self will thank you!

 

FAQs About Saving Money in 2024

 

1. Is it better to save in Naira or dollars?

   It’s generally good to have a mix, but consult with a financial advisor for personalized advice.

2. How much should I be saving each month?

   Aim for at least 20% of your income, but any amount is a good start!

3. Are Nigerian banks safe for saving large amounts?

   Yes, especially if they’re regulated by the Central Bank of Nigeria. But don’t put all your eggs in one basket.

4. Can I save money while paying off debts?

   Yes! Even small amounts saved while paying off debt can help build good habits.

5. How can I save money on a low income?

   Start with cutting unnecessary expenses and try the envelope budgeting method for better control.

 

Remember, every saving journey starts with a single step. Why not take that step today? Your future self will be glad you did. Happy saving, Nigeria!