A growing number of working Ghanaians recognise the importance of saving for retirement, but only a small proportion are actively preparing for life after work, according to the 2025 Financial Wellness Monitor by Old Mutual.
The report shows that while 92% of working Ghanaians acknowledge the need to save for retirement, only 33% have taken concrete steps toward retirement planning.
It highlights a significant gap between awareness and action, pointing to weak long-term financial preparedness despite signs of economic recovery.
Three out of every four respondents said they have not saved enough for retirement, raising concerns about future financial security.
The report also found declining confidence in retirement readiness, with 74% of respondents expressing doubt that their savings will be sufficient. This represents an 18 percentage-point increase in concern since 2023.
The uncertainty cuts across income levels. Even among higher-income earners earning above GH¢3,000 monthly, nearly two-thirds remain unsure about their long-term financial security.
The report identified several challenges affecting retirement planning:
- Low trust in financial institutions: 52% fear losing savings if pension providers collapse
- Cultural reliance: 55% expect support from family in old age
- Limited income: 32% cite lack of funds as a major barrier
Retirement planning also ranks low among financial priorities, coming seventh behind immediate needs such as emergency funds, education, and business investments.
The study also points to a declining investment culture. Investment confidence has dropped from 21% to 14%, with fewer people setting financial goals or tracking their finances consistently.
Access to professional financial advice remains limited. Only 13% of working Ghanaians currently use financial advisers, even though nearly 60% acknowledge the importance of expert guidance. Nearly half of respondents say they do not know where to find reliable financial advice.
While some households are improving their finances by reducing debt and adjusting spending habits, the report warns that these gains may be temporary.
It cautions that continued reliance on informal savings systems and weak retirement planning could expose many households to future financial shocks.
The report calls for stronger financial literacy, improved trust in financial institutions, and better access to professional financial advice to strengthen long-term financial resilience among Ghanaian workers.
