Relocating out of Nigeria (Japa) is the top financial goal of Generation Z according to a new survey by financial technology saving and investment company, Piggy Vest.
This data sheds light on the fact that the emigration of Nigerians has become a primary financial goal for a significant portion of income earners, particularly among the younger generation.
As per the survey results, “Japa is the number one financial goal for over 50% of Gen Z.”
Over the past two years, both online and offline, the topic of relocating to another country has dominated conversations among many Nigerians.
This trend reflects the growing desire of Nigerians to seek better economic opportunities and professional growth beyond their home country.
For Generation Z, the prospect of relocating to another country is a top financial priority, sharing the spotlight to start 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 highlight an interesting trend; 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.”
More insight
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%).”
Keep up the good work Debbie