A new report by Old Mutual has revealed growing concerns over retirement preparedness among working Ghanaians, with many employees acknowledging the importance of long-term savings but failing to make adequate financial plans for life after work.
According to the 2025 Financial Wellness Monitor, although 92 percent of working Ghanaians recognise the need to save for retirement, only 33 percent have taken concrete steps toward retirement planning.
The findings highlight widening gaps in long-term financial security despite signs of gradual economic recovery and improved household financial management in some areas.
The report indicates that nearly three out of four working Ghanaians believe they have not saved enough for retirement, while 74 percent are uncertain whether their current savings will be sufficient to support them during old age.
The level of concern has increased significantly since 2023, reflecting growing anxiety about future financial stability.
The uncertainty extends beyond low-income earners. Even among workers earning more than GH¢3,000 monthly, almost two-thirds expressed doubts about their retirement readiness, suggesting that the challenge is not limited to income levels alone.
The study identified several factors contributing to weak retirement planning habits in Ghana.
One major concern is low confidence in financial institutions. More than half of respondents, representing 52 percent, fear they could lose their savings if pension providers or financial institutions collapse.
The report also points to strong cultural expectations around family support, with 55 percent of respondents indicating they expect relatives to support them financially during retirement.
Limited income remains another major obstacle, as 32 percent of respondents say they struggle to save consistently because their earnings are insufficient to meet both current expenses and long-term savings goals.
Retirement planning also continues to rank low among financial priorities for many households. The report found that it ranks seventh behind immediate concerns such as emergency funds, education expenses and business investments.
The study further revealed a weakening investment culture among working Ghanaians. Confidence in investing declined from 21 percent to 14 percent, while fewer people are setting financial goals or actively monitoring their finances.
Access to professional financial advice also remains limited. Only 13 percent of respondents currently use financial advisers, despite nearly 60 percent acknowledging the importance of expert financial guidance. Nearly half of those surveyed also admitted they do not know where to access reliable financial advice.
While some households are making efforts to improve their finances by reducing debt and cutting spending, the report warns that many of these gains may only provide short-term relief.
Old Mutual therefore called for stronger efforts to improve financial literacy, rebuild trust in financial institutions and expand access to professional financial advice in order to strengthen long-term financial resilience among Ghanaian workers.
By: Janice Opoku-Agyemang
