Over 50% of Gen Zs prioritize ‘Japa’ as their top financial goal, says report

According to a recent survey conducted by Piggy Vest, a financial technology savings and investment company, it has been revealed that the desire to relocate out of Nigeria, often referred to as “Japa,” is emerging as the primary financial goal for Generation Z. This shift in financial priorities sheds light on the growing trend of emigration among Nigerians, particularly the younger generation, who are increasingly seeking better economic opportunities and professional growth abroad.

Over the past two years, the topic of emigration has gained significant attention, both in online and offline discussions, reflecting a palpable yearning among Nigerians to explore greener pastures beyond their homeland. For Generation Z, the prospect of relocating to another country ranks as a top financial priority, standing shoulder to shoulder with the ambition to start a business.

The decision to relocate abroad is not one taken lightly, given the substantial financial implications involved. Many Nigerians understand the need to save diligently over an extended period to accumulate the necessary funds required for international travel and resettlement.

An interesting trend highlighted in the survey findings is that, for many single individuals, “Japa” holds greater financial significance than starting a family. The data shows that 55% of single respondents had “Japa” as part of their 5-year plan, while only 50% included starting a family in their financial goals.

Nevertheless, as one grows older, the allure of seeking better opportunities abroad seems to diminish. However, this shift in financial priorities doesn’t imply a generational divide within Nigeria’s population. There is a remarkable consensus across all age groups when it comes to the most significant financial priority over the next five years: starting or expanding a business. This suggests that Nigeria’s entrepreneurial spirit remains robust, transcending age boundaries.

Furthermore, 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. This reflects the perpetual need for stable and affordable housing solutions in Nigeria. Personal education ranks as the second most prominent saving goal at 24%, underlining the importance of investing in one’s knowledge and skills.

The desire to emigrate (“Japa”) occupies the third position in saving goals, with 21% of respondents expressing their intent to save for international relocation. This is a significant indication of the pervasive yearning for a better life outside Nigeria, as individuals seek to escape economic uncertainties and explore new horizons.

Vacations are also a notable financial goal, with 20% of respondents aiming to save for leisure and travel experiences. This suggests that, despite the desire to emigrate, many Nigerians also value the importance of relaxation and exploration.

Gadgets and personal items follow closely, with 17% of respondents planning to allocate their savings for these purposes. As technology and personal comfort play an increasingly significant role in modern life, this category reflects the aspiration to acquire and enjoy the latest gadgets and conveniences.

Children and purchasing a car share the fifth position, with 14% of respondents each expressing their intent to save for these goals. This indicates that while the youth might prioritize “Japa,” family planning and personal mobility remain essential life goals for a substantial portion of the population.

In summary, the Piggy Vest survey reveals a dynamic financial landscape in Nigeria, with “Japa” emerging as a top financial goal for Generation Z, especially single individuals. This reflects the changing aspirations of a significant portion of the population, driven by a quest for better economic prospects abroad. However, across all age groups, the desire to start or expand a business remains a common financial priority, highlighting Nigeria’s enduring entrepreneurial spirit. Additionally, saving goals vary, with housing, education, vacations, gadgets, family, and personal mobility all finding their place in the financial plans of Nigerians. As the financial landscape continues to evolve, it is crucial for individuals to make informed and strategic decisions to achieve their diverse goals and aspirations.