TOSIN'S STORY
Meet Tosin
"I want to be stable first, because when you have stability you move on and grow."
Tosin is 28 years old and moved to Lagos at a young age. He discovered his passion for art and design, which proved to be lucrative. Though initially saving his commission earnings in piggy banks, he later bought land when he was 16 years old and then sold it to start a fashion and interior design business. He received an art school scholarship and completed a two-year degree, but was drawn to entrepreneurship. He wants to be big and hustles in his social network, but doesn’t trust many people when it comes to money. As a fastidious saver, he keeps two bank accounts for savings, but is largely against borrowing from formal providers. His mom and brothers help cover expenses in low times, otherwise he works his way back up. He dreams of scaling his business one day.
Though Tosin has big aspirations, his trepidation towards taking out a loan prevents him from growing his business. Why does he lack trust in borrowing from formal providers?
SEGMENT OVERVIEW
Digital Youth,
by the numbers
Like Tosin, Digital Youth are mostly young, urban, middle to higher income, highly educated, single men who are self-employed or formally employed. Approximately 20 million (19% of the Nigerian population)
fall in this segment.
Digital Youth
Nigeria Average
GENDER (MALE)
60%
49%
AGE (18-34)
69%
62%
SOCIOECONOMIC (SES 4-5)
61%
40%
HIGH INCOME VOLATILITY
74%
54%
Digital Youth are the wealthiest segment amongst Nigerians, as most own smartphones and have completed at least secondary education. However, given their high rates of self-employment, they experience the highest income volatility in Nigeria.
Financial Behavior & Attitudes
SAVINGS BEHAVIOR & ATTITUDES
Despite their wealth, Digital Youths’ financial health is mixed due to their very high income volatility. Their high conscientiousness and low spending impulsivity help contribute to their savings deliberateness. The vast majority have a plan to manage expenses and save frequently.
SAVINGS ACCOUNTS
Though active users of technology, Digital Youth do not save frequently through mobile savings accounts. They also exhibit low rates of group savings, due to a reluctance to expose their finances to friends, family and neighbors.
BORROWING BEHAVIOR & ATTITUDES
They borrow infrequently, mainly through family, and are uncomfortable holding debt for fear of default.
BORROWING ACCOUNTS
Despite Digital Youths' strong penchant for technology, their use of mobile borrowing is only average, suggesting a possible untapped opportunity. And though they have broad social networks, Digital Youth are the least likely to rely on group borrowing for financial support.
Digital Youth
Nigeria Average
Explore our complete set of findings:
