A new report by Piggyvest, a financial technology saving and investment company has revealed that relocating out of Nigeria (Japa) is the top financial goal of Nigerians in the 11-26 age bracket, popularly called Generation Z.
While the Japa trend is not entirely new, as it has been ongoing for over two years, the report shows that for many Nigerians in this age group, the number one motivation for financial breakthrough is to emigrate.
For Generation Z, the prospect of relocating to another country is a top financial priority, sharing the spotlight with starting a business.
Given the substantial financial implications involved in such a move, many Nigerians have to diligently save over time to amass the necessary funds for their travel and resettlement.
The survey findings also highlights that for many single individuals, ‘Japa’ holds more financial significance than starting a family.
“55% of our single respondents had ‘Japa’ as part of their 5-year plan, while only 50% included starting a family in their goals.”
Nevertheless, the allure of seeking better opportunities abroad appears to wane as one grows older. This, however, does not mean that the youth and older generations in Nigeria are at odds with their financial priorities.
There’s a noteworthy consensus across all age groups when it comes to the most significant financial priority over the next five years: starting or expanding a business. Nigeria’s entrepreneurial spirit remains robust.
Additionally, the survey delves into the top saving goals for Nigerians across different age groups. Notably, housing and rent expenses take the lead in this regard, “accounting for 30% of the responses.
Other categories include personal education (24%), ‘Japa’ (21%), vacation (20%), gadgets/personal items (17%), children (14%), and purchasing a car (14%).”