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Why Most Young Working Class Nigerian Bachelors Are Broke



Segun is currently in his early thirties and has been working for about 10 years now. He is considering getting married very soon and feels this might just be the right time for him. However, he faces one huge problem. He has no money in the bank to fund the wedding ceremonies let alone sustain a family. He is even more appalled when he realizes that he has earned over N30million combined in his last 10 years as a salaried worker, yet he had nothing in term of savings in the bank or investments to show for it. What could be the problem?

A lot young bachelors I know face serious issues with finances despite relatively having little responsibilities when compared to their married counterparts. This can be a real problem for an economy that is fast transforming as more and more graduates churn out to replace our ageing work force. Why is being broke such a problem for bachelors? Here are some of the reasons I can point out.

Cars and Houses – A familiar characteristics of a young thriving bachelor is owning a nice car and living in a rented apartment. These require huge outlay of cash as landlords collect a minimum one year rent upfront and cost of good cars are also not cheap. They end up borrowing from their offices or banks at very high rates to pay back over time. The loan repayment including interest leaves them with little or no money to save. Whereas if they had saved first, they would have had enough money to at least fund either of a car or a house.

Poor disposition towards saving – Most bachelors I know hardly cultivate the habit of saving. This could be because they do not feel any level of responsibility to a spouse or even children. Therefore, every income they receive they channel towards maintaining their lifestyle leaving them with little or no disposable income not to talk of savings. One other reason could be that there is this deceptive belief that there is no goal. As a Bachelor, you must inculcate the habit of saving at all times. Rather than think you have no goals that warrant savings, you should save towards, Marriage, your unborn kids education, welfare, house, and even Insurance.

Reckless Lifestyle – Some Bachelors also live a reckless lifestyle of partying, drinking, traveling and being a spend thrift. Whilst it’s not so bad partying or drinking there is every likelihood that this can be done excessively as a bachelor. These habits are inimical to a good savings culture as they are hardly compatible. When you save, you have little disposable income and limits your ability to fund some of these lifestyles.


Family Pressure – Young bachelors also feel this intense need to give back soon after they are employed. They have parents, younger ones and even relatives who now rely on them for some source of income. This puts immense pressures on their finances making them seldom save or even invest for themselves. In fact, some cultures in Nigeria require that a newly employed give their complete first month salary to their parents. Whilst it is good to give back, wouldn’t saving your entire first month salary be a good head start in life?

Peer group influence – Peer group influence is another strong factor affecting savings culture of Bachelors. Young bachelors often have friends who are also not married and in most cases are simply excited with the newly found freedom of life to even bother to save. There is this unannounced competition to out do each other in terms of spending. They often misplace their priorities choosing to chase more materials aspects of life than meaningful ones. Whilst belonging to a peer group is human nature in itself, joining one with a better focus in life can be a very useful tool for saving. This is why groups such as an investment club or a cooperative are very wonderful forms of peer group influence that can aid the culture of saving.

Women and Fashion – This needs to introduction as most bachelors I know indulge in womanizing and trying to look good. Both habits are very expensive to maintain and these days the price is even much higher than it used to be. Women are wiser and more demanding of their men both financially and physically. They want you to dress really nice and lavish some of your money on them. Whilst these are not bad demands in its totality, they can be quite expensive for a young bachelor. It is very possible for this behavior to not only stop you from saving but to even make you borrow chronically and keep you indebted

Education – Acquiring further education is very encouraging, however they do come at a huge cost. A master’s degree locally cost between N500,000 and N2million , whilst same abroad can be between N5million to N10million. Young bachelors have identified the advantage post graduate degrees can bring for their careers in future thus making them want to spend every money they have acquiring it. The risk here is that, they take up these degrees full time thus resigning from their jobs. Upon graduating they are mostly broke with most not even having enough money to pay off the balance of school fees. Student debts is a crisis even in developed worlds





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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.



  1. Leye

    May 22, 2014 at 3:26 pm

    Spot on Ugo. Young men should be encouraged to both save and invest. A young man needs an emergency fund, long term savings and a diverse investment portfolio.

    If you are interested in making money from the stock market, register for LeadTrader; a new and innovative online trading platform. The first of its kind in Nigeria. Register here

  2. Tola

    November 6, 2015 at 9:24 pm

    Hmm… These words ring very true! Many young guys are caught in this web and are struggling to get out of it.

    Time to internalize the core message of this piece.

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Q4 2020 Unaudited Report: Unilever Nigeria records 84% growth in Turnover 

The Unaudited interim report also indicates that the Company recorded Turnover of N61.6bn for the year ended 31st December 2020.



Unilever Nigeria

Unilever Nigeria Plc released its unaudited interim report for the quarter ended 31st December 2020. The Company recorded Turnover of N16.8 billion in the period under review which represents 84% topline growth compared to N9.1bn Turnover recorded in the corresponding quarter in 2019.

The result showed that the company recorded a gross profit of N3.9bn for the quarter ended 31st December 2020 relative to gross loss of N2.9bn reported for the quarter ended 31st December 2019.

Overall, profit after tax for the quarter ended 31st December 2020 was N468mn representing a turnaround from the loss after tax of N4.7bn reported for the corresponding period in 2019.

The Unaudited interim report also indicates that the Company recorded Turnover of N61.6bn for the year ended 31st December 2020 which reflects a marginal topline growth compared to N60.8bn reported for the year ended 31st December 2019. Loss after tax reduced to N1.6bn compared to loss after tax of N4.2bn recorded for the year ended 31st December 2019.

Speaking on the results, the Corporate Affairs and Sustainable Business Director, ‘Soromidayo George stated that while 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continues to build its resilience to navigate the impact of headwinds.


Mrs. George added that Unilever Nigeria remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.

“We will continue to monitor the business environment and respond appropriately to volatilities in the operating environment as well as disruptions from the COVID-19 pandemic,” she said.

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Lagos reviews building permit approvals and processing time

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The Lagos State Government has promised to review planning permit processing time from 28 to 18 days and reduce the lay-out approval process from 90 to 30 days.

This is part of measures employed by the state to re-engineer their operating procedures to meet the 21st-century demands of the Lagos Megacity.

According to a statement from the Assistant Director of the Lagos State Ministry of Physical Planning and Urban Development, Mukaila Sanusi, this was contained in a communiqué adopted from resolutions of an annual retreat of the ministry and its agencies.

What the Lagos State Ministry of Physical Planning and Urban Development is saying

Sanusi in a statement, said, “Highlights of the forward-looking resolutions include the reduction of Planning Permit processing time from 28 to 18 days, reduction of lay-out approval process from 90 to 30 days and the adoption of one stage approval for layout instead of the existing two stages.’’

He pointed out that the staff agreed that the ministry and its agencies should step up their efforts toward realizing their mandates, especially in relation to the 21st century Lagos Economic goal.


He said, “They resolved to enhance synergy between and among the agencies, particularly the Lagos State Physical Planning Permit Authority (LASPPPA) and the Lagos State Building Control Agency (LASBCA).’’

According to the statement, the Commissioner for Physical Planning and Urban Development, Dr Idris Salako, was quoted as saying the resolutions were capable of delivering many advantages.

Some of the benefits of the re-engineered process

Salako listed the benefits to include;

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He urged the workforce to fulfil the content of the communiqué with a renewed commitment to providing needed solutions to the challenges in the system.

What this means

The implementation of the resolutions reached at the annual retreat of the ministry and its agencies will ensure that developers apply and process building permits easier, faster and less cumbersome.

It will also eliminate the delays and bottlenecks experienced at state government agencies and reduce the spate of illegal and unapproved buildings.

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United Capital Plc CEO purchases additional 1.3 million shares worth N7.19 million

United Capital Plc CEO has purchased an additional 1.3 million units of the firm’s shares worth N7.19 million.



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The CEO of United Capital Plc, Mr. Peter Ashade has purchased an additional 1.3 million units of the firm’s shares worth N7.19 million, maintaining a 3-monthly buying streak.

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The recent deal which took place on the 22nd of January, 2021 saw the United Capital boss purchase an additional 1,330,613 units of the firm’s share at N5.40 per share, totaling N7, 185,310.2.

Nairametrics learned that the recent deal raises the total number of shares purchased by the CEO in the last three months by an additional 6,000,000 units.

What you should know

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