Despite a large majority of working Ghanaians recognise the importance of saving for retirement, only a third are actively preparing for life after work, the 2025 Financial Wellness Monitor by Old Mutual has revealed.
The report indicated that while 92 per cent of working Ghanaians acknowledged the need to save towards retirement, only 33 per cent had taken concrete steps to plan for their retirement years.
According to the findings, three out of every four workers believed they had not saved enough for retirement, reflecting increasing anxiety about long-term financial security.
The report further noted that 74 per cent of respondents were uncertain whether their retirement savings would be sufficient, representing an 18 percentage-point rise in concern compared to 2023.
It said the uncertainty extended beyond low-income earners, as nearly two-thirds of respondents earning above GHS3,000 monthly also expressed doubts about their financial preparedness for retirement.
The report attributed the trend to structural and behavioural challenges affecting Ghana’s savings culture.
It identified low trust in financial institutions as one of the major barriers to retirement savings, with 52 per cent of respondents fearing they could lose their savings should pension providers collapse.
Additionally, 55 per cent of respondents indicated that they expected family support during old age, while 32 per cent cited limited income as the main reason for their inability to save consistently.
The report noted that retirement planning ranked seventh among the financial priorities of most working Ghanaians, behind more immediate concerns such as emergency funds, education, and business investments.
It also pointed to declining investment confidence, which fell from 21 per cent to 14 per cent, alongside a reduction in the number of people setting financial goals or monitoring their finances regularly.
Access to professional financial advice also remained low, with only 13 per cent of respondents currently using financial advisers despite nearly 60 per cent recognising the importance of professional financial guidance.
The report added that almost half of the respondents did not know where to obtain reliable financial advice.
While some households were improving their financial situations by reducing debt and adjusting spending patterns, the report warned that many of those gains remained temporary.
It cautioned that continued dependence on informal savings systems and inadequate retirement planning could expose many households to future economic shocks.
The report called for urgent measures to rebuild trust in the financial sector, deepen public understanding of personal finance, and expand the availability of expert financial guidance to help strengthen the long-term economic security of working Ghanaians.
