Across Africa, a quiet shift is underway. Inflation may be easing and currencies stabilising, but the cost of living remains stubbornly high, forcing millions to rethink how they earn, spend, and invest.
According to Risevest’s newly released 2025 Cost of Living Report, 73% of Nigerians earn below ₦500,000 monthly, while similar income pressures persist across Ghana, Kenya, and Uganda.
The survey, which gathered over 19,800 responses across 12 countries, paints a picture of a continent no longer reacting to crisis, but actively redesigning financial behaviour.
From cutting non-essential spending to prioritising dollar-denominated investments, Africans are choosing discipline over panic.
“In every percentage, there is a real person making sense of change,” said Eneyi Obi, chief marketing officer at Risevest. “This year’s report shows Africans are not just reacting to the cost of living; they are redefining what financial resilience looks like.”
While headline inflation numbers have improved in key markets, everyday expenses, food, rent, transport, education, continue to absorb a large share of household income.
The report finds that income inequality remains deeply entrenched, with median earnings significantly lower than averages across all surveyed countries.
Yet, optimism is not absent. The report highlights a rise in intentional money habits, increased interest in alternative income streams, and a growing appetite for long-term investments that protect against inflation.
“The story is not just how much life costs,” Obi added, “but how people are adapting with creativity and quiet strength.”
68% of Young Africans Cut Non-Essentials
For Gen Zs and millennials across Africa, the cost of living crisis has become a crash course in financial discipline.
The Risevest’s 2025 report indicates that a majority of young earners now prioritise essentials, track expenses more closely, and delay lifestyle upgrades.
In Nigeria alone, over 25% of respondents earn between ₦200,000 and ₦499,999, a group described as the “planning class”, freelancers, tech workers, and young professionals who budget carefully and increasingly save in foreign currencies.
Across Kenya and Ghana, similar patterns emerge. 68.88% of Kenyan respondents earn below KES 50,000, while 83.65% of Ghanaians earn below GHS 50,000, pushing young people to explore side hustles, remote work, and digital investments.
“This generation is more intentional than ever,” said Eneyi Obi. “They’re not just trying to survive inflation; they’re learning how to build stability with the tools available to them.”
The report notes that for many young Africans, wealth creation is no longer about luxury, it’s about security, flexibility, and future-proofing income.
