A digital financial institution and fintech platform, NorthQuest Finance has said saving and investing are increasingly becoming deliberate financial priorities among young Nigerians as rising living costs and changing income patterns push them to plan more carefully for their financial needs.

Director of NorthQuest Finance, Jerry Ehanmo noted that young Nigerians were becoming more intentional about how they manage their money.

“Young Nigerians are becoming much more intentional about money. They are asking themselves what they want to achieve and how they can prepare for it. Saving and investing are becoming part of that conversation because people are beginning to understand that financial security does not happen by accident,” he said.

His statement comes against the backdrop of persistent financial pressures facing Nigerians. EFInA’s 2023 research found that only 16 per cent of Nigerian adults were financially healthy, while four in five adults reported running out of money during the year.

Ehanmo said the economic environment had made financial planning more important, particularly for young Nigerians balancing multiple financial obligations.

According to him, young professionals may be saving for rent while supporting family members, while entrepreneurs may be building business capital alongside managing irregular income.
“Saving and investing are becoming connected to people’s aspirations. It is about the life they want to build, not just the money they want to keep,” Ehanmo said.

He said technology was also changing how Nigerians manage their finances, with savings and investment activities increasingly integrated into digital platforms used for payments, transfers and other everyday transactions.

NorthQuest currently serves more than 70,000 customers, with the company saying around half of its customers lock away money towards specific financial goals, while four in 10 use automated savings.

Ehanmo said the figures showed that customers were increasingly seeking financial products that could help them maintain discipline while working towards specific objectives.

He maintained that NorthQuest’s platform provides flexible savings, structured savings, automated contributions and investment opportunities to accommodate different financial behaviours.

Ehanmo, however, said technology alone could not address the challenges people face in maintaining financial discipline.

“People do not always struggle to save or invest because they do not understand the importance of it. Sometimes life simply gets in the way. A good financial product should recognise that reality and help people create systems that make good financial behaviour easier to maintain,” he stated.

He argued that financial goals could also influence how people make spending decisions.

His words: “You start thinking differently about spending when you have a financial goal. You begin to ask whether a particular expense is necessary, whether it takes you closer to your goal and what you are giving up by spending that money.”

Ehanmo added that saving and investing could help young Nigerians develop financial discipline that extends beyond personal savings.

He urged financial institutions to develop products that reflect the realities of young Nigerians, including multiple income streams, family responsibilities and specific financial goals.

On financial inclusion, Ehanmo said access to formal financial services should be measured by the outcomes customers achieve rather than access alone.

He advised young Nigerians to begin saving and investing regardless of the amount available.

“The most important thing is to start. It does not have to begin with a large amount. What matters is understanding your goal, developing the discipline and creating a habit that can grow with you,” he advised.