Working Ghanaians show signs of financial recovery, but long-term vulnerability persists, according to the latest Old Mutual Financial Wellness Monitor. The report indicates increased optimism and reduced financial stress among workers.
The survey, covering urban and peri-urban workers earning GHS 1,200 or more, highlights that confidence in Ghana's economy has more than doubled. Seven in ten workers now believe the economy will improve. Personal financial situations are also looking brighter for nearly 80 percent of respondents. Financial stress has halved, dropping from 60 percent to 30 percent.
This improved outlook follows years of significant financial pressure. The stabilising macroeconomic environment likely contributes to this shift. Inflation has eased, and interest rates have seen some adjustment. This provides much-needed relief for households. The findings contrast with the economic challenges faced in previous years, such as the global pandemic's impact.
Roy Punungwe, CEO of Old Mutual Group Ghana, stated, "After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room." He added that people are managing debt cautiously and rebuilding savings in this more stable environment.
Despite improved income for over a third of respondents, 39 percent still fear losing their jobs. Nearly half would struggle to survive without income for three months. To manage this risk, many are taking on multiple jobs. Over a quarter, 27 percent, are involved in 'poly-jobbing', combining formal work with side hustles, freelancing, or after-hours employment. This diversification strategy aims to build resilience.
Expense control emerged as a key priority in 2025, second only to income security. While debt worries have decreased, with 67 percent reporting less debt, over half still overspend. Savings behaviour is strengthening, with 24 percent of household income now directed to savings. Most people have savings goals, focusing on emergency funds, education, and business continuity. However, these savings are mostly short-term and informal.
Long-term financial security remains a concern. Retirement preparedness is low, despite 92 percent recognising its importance. Only one in three actively saves for retirement. Confidence in savings and investment decisions has also fallen. Only 14 percent feel very confident, down from 21 percent last year. Limited access to professional financial advice compounds this issue, with just 13 percent using a financial adviser.
The report suggests that while resilience is being built, it is still fragile. Policy makers may need to focus on encouraging long-term savings. Promoting financial literacy and access to professional advice is also crucial. The data points to a need for strategies that support sustainable wealth creation beyond immediate needs.