Some residents of the Federal Capital Territory have said that the current economic challenges have made saving money for future use almost impossible.
The residents, who spoke in separate interviews on Sunday in Abuja, lamented the high cost of essential needs, noting that their incomes have become grossly inadequate to meet family needs.
The respondents decried the situation, saying things have been tough since after the yuletide.
Mrs Precious Okere, a resident of Karu, said that the past two years had been so hard that she spent all future savings on food and other necessities.
Some residents of the Federal Capital Territory have said that the current economic challenges have made saving money for future use almost impossible.
The residents, who spoke in separate interviews on Sunday in Abuja, lamented the high cost of essential needs, noting that their incomes have become grossly inadequate to meet family needs.
The respondents decried the situation, saying things have been tough since after the yuletide.
Mrs Precious Okere, a resident of Karu, said that the past two years had been so hard that she spent all future savings on food and other necessities
“After paying rent, light bills, foodstuff and others, almost nothing is left because the prices of goods and services have greatly increased by almost 300 per cent.
“Transportation cost is even the worst; then there are school fees for the children too.
“The situation has made it extremely difficult for a lot of us to save especially to meet up needs at the beginning of the year after Christmas.
“Money doesn’t seem to be enough anymore because, just after you solve one issue, another is waiting; it is a terrible situation,” she lamented.
Okere noted that a lot of people, including herself, had resolved to cut their costs to stay afloat in the tough economic environment.
She, however, said while she and her family had adjusted to spending, savings were still relevant and key to solving unexpected situations.
Mr Bright Samuel, a teacher, said that he had not been able to save in the last year because his take-home pay was not enough to feed him and save at the same time.
He said that the rate at which the economy kept getting inflated was not encouraging enough for those with little or no source of income to manage.
“Things are really expensive now; everything is on the high side.
“Some can hardly eat three times a day, others don’t even have a source of income and those with it are complaining it is not enough.
“Inflation is on the rise and economic development is moving slowly; it is tiring.
“Although, I advise people to save if they have enough or get the opportunity and if not, make do with what you have and live life one step at a time,” Samuel said.
Source: Vanguard
