A new report details a stark difference between what working Ghanaians know and what they do about retirement savings. The Old Mutual Financial Wellness Monitor 2025 found that 92 percent of working Ghanaians understand that saving for retirement is important. However, only about 33 percent are actually taking steps to prepare for life after work.
This means a large majority of workers are aware of the need for retirement funds but are not making concrete plans. The report highlights that three out of every four workers worry they have not saved enough. This anxiety has increased significantly, by 18 percentage points, since 2023. This concern affects people across all income levels, including those earning more than GHS 3,000 a month.
Ghana's economy faces ongoing challenges with inflation and job creation. This retirement savings gap adds another layer of financial vulnerability for many households. The report's findings align with broader discussions about economic stability and the need for robust financial planning tools. Previous years have shown similar trends in consumer confidence and investment behaviour, indicating a persistent challenge in translating economic awareness into practical financial action.
According to the report, trust in pension systems is a major issue. Fifty-two percent of respondents fear losing their savings if pension providers fail. Additionally, 55 percent expect financial help from family members in their old age. This reliance on informal support systems suggests a lack of confidence in formal financial structures. The report also pointed out that insufficient income is a big barrier for 32 percent of people. Saving for retirement ranks only seventh among household financial priorities.
Investment confidence has also dropped from 21 percent to 14 percent. Few people seek professional financial advice. Only 13 percent of workers consult financial advisers, even though nearly 60 percent know advice is important. The report warns that depending on informal savings and poor long-term planning could lead to future financial problems. It calls for better financial education, increased trust in institutions, and easier access to financial advice.
The implications for Ghana are significant. A large segment of the population may face financial hardship in retirement. This could increase the burden on social welfare systems and family support networks. Policymakers and financial institutions will need to address the identified barriers, such as improving trust and accessibility to financial services. Greater investment in financial literacy programs could empower Ghanaians to make informed decisions about their future.