Financial experts have warned that a growing number of professionals are trapped living paycheck-to-paycheck due to poor money management, rapid lifestyle inflation, and weak financial planning. Speaking at the launch of Broke After Payday?—a new book by Dr Yemisi Adepoju presented in Ibadan on Sunday—analysts exposed why traditional salary hikes fail to protect workers from sudden financial distress.
Adepoju challenged the popular belief that a higher income automatically translates into financial freedom, noting that many professionals earning substantial salaries still struggle with debt and financial instability. According to her, deep-seated financial challenges are often rooted in daily spending habits rather than total 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 Hidden Trap of Lifestyle Inflation
The author explained that many workers move from one salary level to another without improving their financial situation because their expenses increase 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, panelist Dr Dolapo Muyiwa-Koku described lifestyle inflation as a major factor responsible for financial distress among workers and entrepreneurs. She noted that many people completely fail 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.
Modern Money Management and Mentorship
Another reviewer, Chief Olaleye Amstrong, a Principal Partner at Dewkon Harvest Field, stressed that finding true financial freedom requires sincerity, discipline, and a willingness to learn. He argued that borrowing is not necessarily a problem, but individuals must borrow for the right reasons and use financial resources responsibly.
Amstrong emphasised the vital importance of mentorship in everyday money management: “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.
Beating Social Pressure to Avoid Living Paycheck-to-Paycheck
Panellist Mrs Olamide Alao-Akala identified social pressure and unrealistic lifestyle expectations as major contributors to severe 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 remain critical to achieving long-term financial security regardless of an individual’s current income level.
The high-profile event attracted professionals, entrepreneurs, business owners, and other stakeholders with a keen interest in personal finance and wealth creation. The book itself, Broke After Payday?, contains eight chapters across 145 pages of practical financial advice.