There are several factors responsible for poor saving culture in Nigeria. The most significant is poverty, closely linked to low income and unemployment. Many Nigerians who are willing and able to work are unemployed, or earn a living wage.While some times they do not earn any income at all and thus are unable to save.
The worst situation is that the minority who work are overburdened. What result to overburden? This occur as a result of limited jobs which makes the employer to have no choice. The company or the organization are now taking the advantages of lack of jobs in Nigeria to over labour an individual who has agreed to work for them.
Another factors that necessitated for the declined of saving culture in Nigeria is economic stability and high living costs. Economic instability is one of the most factor that contributed to the decline of saving culture in Nigeria compare to other advance countries like UK, America, and Russia that has been able to work on their economy system to ensure stability. But here in Nigeria you never can tell what will happen in the next month to come. This instability has caused many Nigerians not to achieve their goals.
Some other factors includes: poor banking habits, attitude of bank to low income savers, poor orientation, instability in the political system.
With these observations, I believe I have a clear reason why many Nigerians have challenges or their poor attitudinal lifestyle which has caused the decline in saving culture.
In summary, this poor saving habit can only be addressed when there is an intentional and pragmatic approach by government at all levels in there collective will to create an enabling work environment which includes creating befitting jobs for our teeming youths.
By Linus Osong O,
Is an Intern from Plateau Polytechnic(Mass Communication Department),currently serving with the Eagle Eye News Media,Jos
NOTE:Opinion articles for publication should not be more than 1,300 words while comments on EAGLE EYE WATCH NEWS Stories should be 500 words.
Send to email:firstname.lastname@example.org or whatsapp:07035446451