‘If you have x amount of money what would you do with it?” is a common question one comes across once in a while. Answers usually cut across spending it, to traveling out of the country, to buying properties, and so on.
What if this time, the question is about what people are already doing with their money or plan to do with the money they have? What if the choices are between ‘savings’ and ‘investments’?
We asked some Nigerians what they would do with their money if the choice was between savings and investments.
“I save my money in the bank for my own peace of mind.” Bada Amoo, a 30-year-old journalist in Lagos said emphatically when asked to make a choice between the two. “I don’t have a lot of knowledge about investments so I don’t dabble into it.”
This sentiment is also shared by 34-year-old Elizabeth Nneji, a shop owner in Ogba who believes that saving money is her preferred choice of financial management. According to her, her money in the bank is secure and she can always access it anytime she wants.
Nurudeen Lawal, a 27-year-old writer however has a contrary opinion. He believes that saving money in the bank does not have value to it. “If I save money in the bank, it will not add any value. The only money I have in the bank is the one I spend for my upkeep. Others are spread across different investment platforms. When I lose in one, other ones make up for it.
32-year-old online seller Linda Johnson says she prefers to invest her money in her business, “at the moment, I invest all my money in my bag business. Any profit I make, cash gifts all go into my business. Maybe in the future, I might consider saving but for now, investment is the only thing I do with my money.”
Solomon Nduka, 45 who teaches in a secondary school believes he is one of the few people who is benefitting from knowing the right platform to save money while also getting the benefit of an investment. “I save money in ALAT by Wema which gives me a high interest rate compared to what I would get in other banks. I created target savings which increased my interest so my high return is guaranteed. It is like saving and investing at the same time.”
“I prefer to invest my money. At the moment, I am still living from hand to mouth but when I start making more money, I will surely invest,” 25-year-old Abraham Wande who is a sales marketer said.
To 37-year-old Yemisi who works as a secretary, saving her money gives her peace of mind. “I don’t think I can bring myself to invest because I tried it before and it did not work out well for me. Now I save my money and I am able to sleep well at night.”
Kareem Usman, a 40-year old HR personnel, says he has been saving his money for a long time and does not believe he can change the pattern. “I think by the time I retire, I would have saved enough money to last me till I pass away. I’m not doing any investment.”
Mutiat, who works as a nurse, believes that investment can make one richer faster. “I would have loved to do business but since I do not have the time, I have identified investments that I trust and I put my money there and I have not regretted it so far.”
Boluwatife Ajala, a 35-year old banker believes those who save their money have inadequate knowledge about investment. “If people know about investment and how to go about it, I think more people will save. As for me, I invest my money.”
Nneka Nnadi who owns a restaurant said she just started giving investment a try after having saved money for a long time and that the signs look promising. “So far, my investment has not yielded anything yet but I am still patient to see where it will lead me to.”
“If you had asked me this question a year ago, I would have told you about investment, but right now, I would tell you I prefer savings because I found the right channel that benefits me,” 25-year old Boluwatife Amusa who works as a software engineer said. “I lost some money in an investment scheme due to the COVID-19 pandemic last year. This year, someone introduced me to ALAT and it has been the best decision I have taken. I save more and I earn more without stress. I created a savings goal with my friends and we are saving towards a girls’ trip at the end of the year.”
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