By Ibukun Emiola
Financial experts have attributed the growing number of income earners living from paycheck to paycheck to poor money management, lifestyle inflation and inadequate financial planning.
They spoke during the review and presentation of “Broke After Payday?,” a book authored by Dr Yemisi Adepoju in Ibadan on Sunday.
Adepoju challenged the popular belief that higher income automatically translates into financial freedom, noting that many professionals earning substantial salaries still struggle with debt and financial instability.
According to her, financial challenges are often rooted in spending habits rather than earnings.
“I know people who earn over a million naira monthly and are still heavily indebted. Increasing income alone does not solve financial problems if there is no discipline in managing money,” she said.
The author said many workers moved from one salary level to another without improving their financial situation because their expenses increased in proportion to their income.
She urged Nigerians to focus on building assets, creating generational wealth and leaving lasting legacies rather than concentrating solely on consumption and status symbols.
Reviewing the book, one of the panelists, Dr Dolapo Muyiwa-koku described lifestyle inflation as a major factor responsible for financial distress among workers and entrepreneurs.
She noted that many people failed to track their spending patterns or understand the impact of their lifestyle choices on their financial wellbeing.
“A lack of self-awareness often leaves individuals wondering where their salaries or business income have gone shortly after receiving them,” Muyiwa-koku said.
Another reviewer, Chief Olaleye Amstrong, a Principal Partner at Dewkon Harvest Field said financial freedom required sincerity, discipline and a willingness to learn.
He stressed that borrowing was not necessarily a problem but that individuals must borrow for the right reasons and use financial resources responsibly.
Amstrong emphasised the importance of mentorship, “financial knowledge is acquired through learning, guidance and continuous personal development.”
He said many successful individuals achieved financial stability by seeking mentors, attending training programmes and exposing themselves to opportunities for growth rather than relying solely on their income levels.
Another Mrs Olamide Alao-Akala identified social pressure and unrealistic lifestyle expectations as major contributors to financial hardship among professionals.
According to her, many people attempt to maintain appearances that do not reflect their financial realities, thereby undermining their long-term economic goals.
Alao-Akala urged Nigerians to set clear financial goals, develop realistic plans and remain focused on their individual journeys instead of comparing themselves with others.
“People are not starting from the same point in life. Financial decisions should be based on personal realities and long-term objectives, not social pressure,” the reviewer said.
Also, Mrs Aderonke Adegbami noted that financial literacy, prudent spending, mentorship and long-term planning remained critical to achieving financial security regardless of income level.
The event attracted professionals, entrepreneurs, business owners and other stakeholders with interest in personal finance and wealth creation.
The book “Broke After Payday?, has eight chapters and 145 pages.
