It’s easy to assume that people who earn more money have fewer worries. After all, wouldn’t most of our problems disappear if we had a bigger account balance?
But that’s not usually the case.
From unemployed Nigerians wondering when their next income opportunity will come, to high earners carrying the weight of family expectations and future planning, financial anxiety shows up differently at every income level. We asked Nigerians across different income brackets about their biggest worry. Here’s what they said.
₦40k/month — Anita*, Unemployed, 26, F
I lost my job last year and had to move back home. Since then, the only income I have is from the odd quick gig and, thankfully, the generosity of my older siblings, who send me ₦20k each per month to sort out my data and small personal needs. My biggest worry is that I won’t be able to stand on my own. The cost of food, electricity and other amenities is so high that I’m worried that even if I find a job, I won’t be able to afford to live on my own.
₦180k/month — Tobi*, Customer Service Rep, 28, M
My biggest worry is one unexpected expense wiping me out completely. If I get sick, or if my phone spoils, I have no cushion. The last time my screen broke, I had to borrow to fix it, and it took months to pay it off.
Most months, I’m just trying to make sure my salary stretches to the next payday. Saving? I’ve never heard of it. I keep hoping to find a better paying job.
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₦450k/month — Opeyemi*, Executive Assistant, 27, F
I earn enough to survive, but I don’t feel secure. I can afford to sort out my rent, transportation and feeding, but that takes most of my income. Also, price inflation makes it feel like I’m moving backwards.
I worry that I’m getting older without making meaningful progress toward major goals like buying a car, owning property or even starting a business. But I see how people complain about how difficult it is to find a job so I’m to scared to leave this one. At least I can eat.
₦750k/month — Chinelo*, Marketer, 31
People assume life gets easier once you start earning more, but my expenses just kept rising.
I’m helping my younger siblings through school, contributing to family bills and trying to save up to japa.
My biggest worry right now is losing my job. They laid off a few people some months ago, and my mind hasn’t been settled since then. I have so many responsibilities, and losing this job right now would scatter a lot if things I’ve been carefully putting in place.
₦1.4M/month — Kelvin*, Software Developer, 28, M
My primary concern is stagnation. I worked really hard to get to where I am, but it’s as if the economy is trying to outrun my salary.
I worry about whether my current income will be enough in five years, given how quickly costs are rising. Soon I’ll start a family, is this the salary I’ll use to pay school fees?
I think constantly about investing, building additional income streams and making sure I’m not relying on a single employer.
₦2M/month — Fola*, Business Owner, 39, F
I spend most of my time worrying about my business. I’m more focused on the future than the present.
I worry about being able to pay my staff, about whether people are stealing from the business, about how the profit projections look, about investor feedback, the list goes on and on. Meanwhile, I still have personal responsibilities that need my attention, like my family and their needs. It can be a lot to handle for one person.
₦150k/month — Tife*, Receptionist, 26, F
I worry about getting stuck. I’m grateful to have a job, but I don’t know how people are supposed to build a future on this kind of income. Rent keeps increasing, prices keep rising, and every year that passes makes me anxious that I’m not making enough progress.
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