The latest round of the Old Mutual Financial Wellness Monitor (OMFWM) reveals that working Ghanaians are emerging from a period of deep financial strain with increasing optimism, improved financial discipline, and reduced stress levels, supported by a stabilising macroeconomic environment. However, the research cautions that long‑term financial vulnerability remains widespread, driven by short‑term savings behaviour, low retirement preparedness, and limited access to professional financial advice.
The survey, which focuses on urban and peri‑urban working Ghanaians aged 20 to 59 earning GH¢1,200 or more, provides insight into financial attitudes, behaviours, and resilience across both the formal and informal sectors.
Economic recovery fuels optimism and reduced financial stress
Confidence in Ghana’s economy has more than doubled, rising from 22percent to 48percent, with seven in ten working Ghanaians believing the economy will improve over the next year. Positive sentiment extends to personal finances, with nearly 80percent expecting their own financial situation to improve in the next six months.
As economic pressures ease, financial stress levels have halved, dropping from 60percent to 30percent, the lowest level recorded in three years of tracking. This improvement is largely driven by better debt management, improved income, and growing emergency savings.
“After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room,” said 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, but vulnerability remains high
More than a third (37percent) of respondent’s report earning more than they did a year ago. Despite this, vulnerability remains pronounced: 39percent fear losing their income, and nearly half would run out of money within three months if that income stopped.
To mitigate risk, many Ghanaians are diversifying income streams. More than one in four (27percent) are ‘poly‑jobbing’, combining formal employment with side hustles, freelancing, or after‑hours work. Younger Ghanaians are especially affected, reflecting 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 behaviour shapes savings and spending
Expense control has become a major priority in 2025, second only to income security. While worries about debt have eased and 67percent report having less debt than a year ago, more than half still overspend frequently, highlighting ongoing behavioural pressures.
Savings behaviour is strengthening, with 24percent of household income allocated to savings, and 80percent of respondents reporting having a savings goal. However, savings remain largely short‑term and informal: bank accounts, mobile money, and Susu savings schemes dominate, while just over one in five still keep cash savings outside formal channels.
Emergency funds, children’s education, and business continuity are the leading savings goals – reflecting a focus on immediate stability rather than long‑term wealth creation.
Retirement preparedness and investment confidence lag behind
Despite 92percent acknowledging the importance of retirement savings, retirement ranks only seventh among savings priorities, with just one in three actively saving for retirement. Confidence is also declining, with only 14percent feeling very confident in their savings and investment decisions, down from 21percent last year.
Lower risk appetite and limited access to advice compound the issue. Only 13percent of working Ghanaians use a financial adviser, even though those who do are significantly more confident in their financial decisions.
“There is a clear gap between intention and action when it comes to long‑term financial planning,” said 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 Old Mutual Financial Wellness Monitor concludes that Ghana is transitioning from survival to recovery – but that sustainable financial wellness will require greater engagement with formal financial solutions, improved financial literacy, and stronger trust in the financial system.
“This research reinforces why Old Mutual exists,” Punungwe said. “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.”
About the Old Mutual Financial Wellness Monitor
The Old Mutual Financial Wellness Monitor is an annual study designed to track the financial attitudes, behaviours, and wellbeing of working Ghanaians across formal and informal sectors, enabling deeper understanding of their journey toward financial wellness.
About Old Mutual Ghana
Old Mutual Ghana is one of Ghana’s leading financial institutions offering innovative Life insurance and Pensions solutions. Old Mutual has been consistent in championing mutually positive futures by offering excellent financial services to a wide range of customers across the African continent for over 180 years.
The company established its presence in Ghana in 2013. It operates with a skilled knowledge of the Ghanaian market, backed by the expertise of an international brand. In Ghana, the company is currently made up of Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering a diverse portfolio of financial solutions, including Saving plans, Group Life benefits, Funeral plans, Travel insurance and Pension schemes.
