7 Reasons Why Most Young Working-Class Nigerian Bachelors Broke?

 7 Reasons Why Most Young Working-Class Nigerian Bachelors Broke?

It’s quite perplexing to see young working professionals in Nigeria living paycheck to paycheck or even in debt, given they have stable jobs and fewer financial dependents compared to their married counterparts. As more graduates enter the workforce to replace older generations, their financial struggles pose serious implications. This article analyzes the top reasons why many young working class Nigerian bachelors are broke.


Lack of Savings Culture

One major factor is the poor savings habits among many Nigerian bachelors. Without feeling accountable to a family, they tend to spend income on maintaining their current lifestyle rather than planning for future goals. Some believe they have no purpose to save as singles. However, bachelors must cultivate discipline by saving regularly for marriage, children’s education, housing, insurance, and more. With savings, funds are available for large purchases without loans.


Expensive Lifestyles

Living flashy is a common trait among thriving young bachelors – owning nice cars and renting furnished flats. However, these come at huge upfront costs that lead to debt. Landlords demand a minimum one-year rent and car prices are rising. To finance these, many take out high-interest loans and spend salaries repaying over time with little left over. Saving initially avoids such traps.

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Peer and Social Pressures

Bachelors often socialize within friend circles also unmarried and enjoy newfound freedoms without responsibilities. This breeds unspoken competition to outspend each other at gatherings. Concentrating more on material pursuits than meaningful goals, priorities become misplaced. While friendship is human, associating with like-minded savers cultivates better financial habits.


Family Financial Dependence

In some cultures, newly employed offspring are expected to support their families. Between parents, siblings, and extended relatives now reliant on their salaries, pressures grow intense. Giving back is admirable, but savings should take priority first before sharing earnings. Could saving the full first month’s pay instead of distributing it set a firm financial foundation?


Costly Education

Further studies are encouraged, yet degrees come at huge costs. Masters programs locally range from ₦500,000-₦2,000,000, while overseas costs ₦5,000,000-₦10,000,000 on average. Desiring advantages, bachelor drain finances pursuing higher education full-time while resigning jobs. Most graduates are broke unable to settle fees as debts mount. Even developed nations face student loan crises.


Partying and Splurging

Living for enjoyment through frequent clubbing, drinking, traveling, and accessorizing taps finances without limits. While moderate fun isn’t bad, excess as singles jeopardize savings. Savings leave little disposable income for such spending anyway. Debts incurred by borrowing for reckless lifestyles.


Women and Looks

Many bachelors indulge in womanizing and styling to impress. However, maintaining attractive appearances and demanding women financially and physically isn’t cheap these days. Attempts to constantly please drain funds meant for savings and investments instead of trapping in debt cycles just to keep up.

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How can a bachelor build savings safely?

  • Open savings accounts to automate transfers from salaries monthly.
  • Invest in low-risk assets like short-term government bonds for safety and better returns than savings accounts.

Is giving to family incompatible with personal savings?

  • No, but priorities matter. Saving a portion each month before distribution leaves some nest egg. Open communication on limits prevents over-reliance.

When should a bachelor consider further education?

  • Only pursue if career-advancing and costs are affordable upfront without loans. Part-time studying while working prevents job/income losses.



Adopting savings discipline cultivated from a young age and managing lifestyle inflation, peer pressures, family dependencies, education decisions, and pursuits wisely helps single Nigerian professionals avoid unnecessary debts and financial struggles. Moderation and focus on long-term goals over fleeting enjoyment facilitates both work-life balance and prosperity.


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