Working Ghanaians display greater financial optimism and less stress. This is a key finding from the latest Old Mutual Financial Wellness Monitor. The report signals a shift from intense financial strain. However, long-term financial risks remain significant for many.
Economic improvements have boosted confidence. Confidence in Ghana's economy more than doubled to 48 percent. Seven in ten working Ghanaians expect economic improvement. Personal finances also show positive sentiment. Nearly 80 percent anticipate better financial situations. Financial stress levels halved to 30 percent. This is the lowest in three years. Better debt management and income growth contribute to this. Growing emergency savings also help.
This recovery aligns with a stabilising macroeconomic environment in Ghana. For years, many faced sustained financial pressure. This has now eased somewhat. The report surveyed urban and peri-urban workers. They earn at least GHS 1,200 and are aged 20 to 59. Insights cover formal and informal sectors. This period of relief follows significant economic challenges. Many households were previously on the edge of distress.
“After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room,” said Roy Punungwe, CEO of Old Mutual Group Ghana. He noted that people are managing debt and spending more prudently. They are also rebuilding savings. This reflects a more intentional approach to finances.
Despite income growth for over a third of respondents, vulnerability persists. 39 percent fear income loss. Nearly half would run out of money within three months without income. To manage this, 27 percent engage in "poly-jobbing." This means holding multiple income streams. Younger Ghanaians are especially affected by job insecurity. “What the data shows very clearly is that resilience is being built, but it is fragile,” Punungwe added. He stated that too many households are one shock away from financial distress.
Expense control is a major focus for 2025. It is second only to income security. While debt worries have eased, 67 percent report less debt. Still, over half frequently overspend. Savings behaviour is strengthening. 24 percent of household income goes to savings. 80 percent have a savings goal. However, savings are mostly short-term. Mobile money and Susu schemes are popular. Only one in five keep cash savings formally. Emergency funds and education are key goals. This prioritizes immediate stability over long-term wealth.
Retirement preparedness lags significantly. 92 percent acknowledge its importance. Yet retirement ranks seventh in savings priorities. Only one in three actively save for retirement. Confidence in savings and investment decisions has fallen. Only 14 percent feel very confident. This is down from 21 percent last year. Low risk appetite and limited access to advice contribute. Only 13 percent use a financial adviser. Those who do show higher confidence.
“There is a clear gap between intention and action when it comes to long-term financial planning,” said Punungwe. He stated that short-term pressures and lack of guidance hold people back. The monitor suggests Ghana is moving towards recovery. Sustainable wellness needs engagement with formal finance. Improved financial literacy and trust are crucial. “Our role is not just to provide financial products, but to build trust, offer guidance,” Punungwe concluded. This support can transform optimism into lasting wellbeing.