diff --git a/package-lock.json b/package-lock.json
index 702aea9..1b83a12 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -9,7 +9,7 @@
       "devDependencies": {
         "@nomiclabs/hardhat-ethers": "^2.2.1",
         "@nomiclabs/hardhat-waffle": "^2.0.3",
-        "@openzeppelin/contracts": "^4.8.0",
+        "@openzeppelin/contracts": "^5.2.0",
         "@stdlib/stats-binomial-test": "^0.0.7",
         "chai": "^4.3.7",
         "ethereum-waffle": "^3.4.4",
@@ -1764,9 +1764,9 @@
       }
     },
     "node_modules/@openzeppelin/contracts": {
-      "version": "4.8.0",
-      "resolved": "https://registry.npmjs.org/@openzeppelin/contracts/-/contracts-4.8.0.tgz",
-      "integrity": "sha512-AGuwhRRL+NaKx73WKRNzeCxOCOCxpaqF+kp8TJ89QzAipSwZy/NoflkWaL9bywXFRhIzXt8j38sfF7KBKCPWLw==",
+      "version": "5.2.0",
+      "resolved": "https://registry.npmjs.org/@openzeppelin/contracts/-/contracts-5.2.0.tgz",
+      "integrity": "sha512-bxjNie5z89W1Ea0NZLZluFh8PrFNn9DH8DQlujEok2yjsOlraUPKID5p1Wk3qdNbf6XkQ1Os2RvfiHrrXLHWKA==",
       "dev": true
     },
     "node_modules/@pnpm/config.env-replace": {
@@ -24578,9 +24578,9 @@
       }
     },
     "@openzeppelin/contracts": {
-      "version": "4.8.0",
-      "resolved": "https://registry.npmjs.org/@openzeppelin/contracts/-/contracts-4.8.0.tgz",
-      "integrity": "sha512-AGuwhRRL+NaKx73WKRNzeCxOCOCxpaqF+kp8TJ89QzAipSwZy/NoflkWaL9bywXFRhIzXt8j38sfF7KBKCPWLw==",
+      "version": "5.2.0",
+      "resolved": "https://registry.npmjs.org/@openzeppelin/contracts/-/contracts-5.2.0.tgz",
+      "integrity": "sha512-bxjNie5z89W1Ea0NZLZluFh8PrFNn9DH8DQlujEok2yjsOlraUPKID5p1Wk3qdNbf6XkQ1Os2RvfiHrrXLHWKA==",
       "dev": true
     },
     "@pnpm/config.env-replace": {
diff --git a/package.json b/package.json
index 062aa3b..31ca3b9 100644
--- a/package.json
+++ b/package.json
@@ -17,7 +17,7 @@
   "devDependencies": {
     "@nomiclabs/hardhat-ethers": "^2.2.1",
     "@nomiclabs/hardhat-waffle": "^2.0.3",
-    "@openzeppelin/contracts": "^4.8.0",
+    "@openzeppelin/contracts": "^5.2.0",
     "@stdlib/stats-binomial-test": "^0.0.7",
     "chai": "^4.3.7",
     "ethereum-waffle": "^3.4.4",
diff --git a/test/Marketplace.test.js b/test/Marketplace.test.js
index 073dcd4..b93b21a 100644
--- a/test/Marketplace.test.js
+++ b/test/Marketplace.test.js
@@ -215,7 +215,7 @@ describe("Marketplace", function () {
       let insufficient = maxPrice(request) - 1
       await token.approve(marketplace.address, insufficient)
       await expect(marketplace.requestStorage(request)).to.be.revertedWith(
-        "ERC20: insufficient allowance"
+        "ERC20InsufficientAllowance"
       )
     })
 
@@ -455,7 +455,7 @@ describe("Marketplace", function () {
       await marketplace.reserveSlot(slot.request, slot.index)
       await expect(
         marketplace.fillSlot(slot.request, slot.index, proof)
-      ).to.be.revertedWith("ERC20: insufficient allowance")
+      ).to.be.revertedWith("ERC20InsufficientAllowance")
     })
 
     it("collects only requested collateral and not more", async function () {
diff --git a/test/Vault.tests.js b/test/Vault.tests.js
index dd9561e..807a29f 100644
--- a/test/Vault.tests.js
+++ b/test/Vault.tests.js
@@ -134,7 +134,9 @@ describe("Vault", function () {
       it("deposit fails when tokens cannot be transferred", async function () {
         await token.connect(controller).approve(vault.address, amount - 1)
         const depositing = vault.deposit(fund, account.address, amount)
-        await expect(depositing).to.be.revertedWith("insufficient allowance")
+        await expect(depositing).to.be.revertedWith(
+          "ERC20InsufficientAllowance"
+        )
       })
 
       it("adds multiple deposits to the balance", async function () {