Working Ghanaians are experiencing a noticeable financial recovery, marked by increased optimism, better financial discipline, and reduced stress, according to the latest Old Mutual Financial Wellness Monitor (OMFWM). This shift, driven by a more stable macroeconomic environment, offers a breathing room after a period of significant financial strain. However, the report cautions that widespread long-term financial vulnerability persists due to short-term savings habits, inadequate retirement planning, and limited access to professional financial advice.
Economic Stability Fuels Optimism and Eases Financial Stress
Confidence in Ghana’s economy has surged, more than doubling from 22% to 48%. A significant majority, seven in ten working Ghanaians, anticipate economic improvement within the next year. This positive sentiment extends to personal finances, with nearly 80% expecting their financial situation to improve in the coming six months.
Financial stress levels have halved, dropping from 60% to 30%, the lowest point in three years. This improvement is attributed to better debt management, increased income, and the growth of emergency savings.
“After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room,” stated Roy Punungwe, CEO of Old Mutual Group Ghana. “In a more stable macro-economic environment, people are becoming more intentional — managing debt prudently, exercising greater control over spending, and actively rebuilding their savings.”
Income Growth Amidst Persistent Vulnerability
Over a third (37%) of respondents report higher earnings compared to a year ago. Despite this income growth, financial vulnerability remains a concern. 39% fear losing their income, and nearly half would exhaust their funds within three months if their income ceased.
To counter this risk, many Ghanaians are diversifying their income. More than one in four (27%) engage in ‘poly-jobbing,’ combining formal employment with side hustles, freelancing, or additional work. Younger Ghanaians are particularly affected by this trend, highlighting limited job security and employment opportunities.
“What the data shows very clearly is that resilience is being built, but it is fragile,” Punungwe added. “Income may be improving, yet too many households remain just one shock away from financial distress.”
Cautious Financial Habits Shape Savings and Spending
Expense control has emerged as a primary financial goal for 2025, second only to income security. While debt concerns have lessened, with 67% reporting less debt than a year prior, over half of Ghanaians still overspend frequently, indicating persistent behavioral challenges.
Savings behavior shows improvement, with 24% of household income allocated to savings and 80% of respondents aiming for specific savings goals. However, these savings are predominantly short-term and informal. Common methods include bank accounts, mobile money, and Susu savings schemes, with over one in five still keeping cash outside formal financial channels.
The leading savings goals are emergency funds, children’s education, and business continuity, reflecting a focus on immediate stability rather than long-term wealth accumulation.
Retirement Preparedness and Investment Confidence Lag
Despite 92% acknowledging the importance of retirement savings, retirement planning ranks seventh among savings priorities, with only one-third actively saving for it. Confidence in savings and investment decisions has also declined, with only 14% feeling very confident, down from 21% last year.
A lower risk appetite and limited access to financial advice exacerbate this issue. Merely 13% of working Ghanaians utilize a financial advisor, despite those who do reporting significantly higher confidence in their financial choices.
“There is a clear gap between intention and action when it comes to long-term financial planning,” observed Punungwe. “Ghanaians want to secure their future, but short-term pressures, limited trust, and lack of guidance are holding them back.”
A Call for Guidance, Trust, and Long-Term Preparedness
The OMFWM study concludes that Ghana is transitioning from a survival mode to recovery. However, achieving sustainable financial wellness requires greater engagement with formal financial solutions, enhanced financial literacy, and increased trust in the financial system.
“This research reinforces why Old Mutual exists,” Punungwe emphasized. “Our role is not just to provide financial products, but to build trust, offer guidance, and help working Ghanaians move from short-term resilience to long-term financial security. The optimism is there – with the right support, it can be transformed into lasting wellbeing.”
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