A new financial wellness report has revealed growing concern over retirement preparedness among Ghanaian workers, despite widespread awareness about the importance of long-term savings.
According to the Old Mutual Financial Wellness Monitor 2025, although 92 per cent of working Ghanaians recognise the need to save for retirement, only one-third are actively taking steps to secure their financial future after employment.
The findings suggest that many workers remain uncertain about their long-term financial stability. About 74 per cent of respondents indicated they believe they have not saved enough for retirement, while a similar proportion expressed concern that their future savings may still prove inadequate.
The report notes that anxiety surrounding retirement planning has increased sharply since 2023, rising by 18 percentage points across multiple income groups, including workers earning more than GH₵3,000 monthly.
Researchers identified several obstacles undermining effective retirement planning in Ghana. One major issue is weak confidence in pension and investment systems, with more than half of respondents fearing they could lose their savings if financial institutions or pension providers collapse.
The study also found that many workers continue to rely heavily on family support structures for financial security in old age, with 55 per cent expecting relatives to assist them after retirement.
Economic pressures remain another major challenge. About 32 per cent of respondents cited low income levels as the primary reason they struggle to save consistently, resulting in retirement planning ranking relatively low among household financial priorities.
The report further recorded a decline in investment confidence, which dropped from 21 per cent to 14 per cent, alongside limited engagement with professional financial advisory services.
Although nearly 60 per cent of participants acknowledged the importance of financial advisers, only 13 per cent currently seek professional guidance on savings, investments or retirement planning.
The report warns that continued dependence on informal savings arrangements and inadequate long-term financial planning could leave many households vulnerable to future economic shocks.
It therefore calls for stronger financial literacy initiatives, greater public confidence in financial institutions and improved access to professional financial advisory services to help workers better prepare for retirement.
