A growing number of working Ghanaians recognise the importance of saving for retirement, yet only a small proportion are actively preparing for life after work, according to the 2025 Financial Wellness Monitor by Old Mutual.
The report reveals that while 92 percent of working Ghanaians acknowledge the need to save for retirement, only 33 percent have taken concrete steps toward retirement planning.
The findings point to deep vulnerabilities in long-term financial preparedness, despite early signs of economic recovery.
According to the report, three out of every four working Ghanaians believe they have not saved enough for retirement, highlighting growing concerns over future financial security.
Confidence in retirement readiness is also weakening, with 74% of respondents expressing doubts about whether their savings would be sufficient in retirement – an 18 percentage-point increase in concern since 2023.
The uncertainty cuts across income levels.
Even among higher-income earners earning above GHS 3,000 monthly, nearly two-thirds remain uncertain about their long-term financial security, suggesting broader structural and behavioural challenges within Ghana’s savings culture.
The report identifies several key barriers to retirement savings. More than half of respondents which is about 52% fear they could lose their savings if pension providers collapse, reflecting low trust in financial institutions.
Another 55 percent expect family support during old age, while 32% cite limited income as the main obstacle to saving consistently.
Retirement planning also ranks relatively low among financial priorities, coming seventh behind immediate concerns such as emergency funds, education and business investments.
The study further points to a weakening investment culture. Investment confidence has declined from 21% to 14% , with fewer individuals setting financial goals or consistently tracking their finances.
Access to professional financial advice also remains limited.
Only 13% of working Ghanaians currently use financial advisers, despite nearly 60 percent acknowledging the importance of professional financial guidance.
Additionally, almost half of respondents say they do not know where to seek reliable financial advice.
Barriers to Saving
Retirement planning continues to take a back seat, ranking seventh among savings priorities behind more immediate needs like emergency funds, education, and business investment.
Key constraints include:
* Low trust: 52% fear losing their savings if pension providers collapse
* Cultural reliance: 55% expect family support in old age
* Limited income: 32% cite lack of funds as the main barrier to saving
While some households are improving their financial conditions by reducing debt and adjusting spending habits, the report warns that many of these gains remain short-term.
Continued reliance on informal savings systems and inadequate retirement planning could leave many households exposed to future economic shocks.
The report therefore stresses the need to rebuild public trust in financial institutions, deepen financial literacy and improve access to professional financial advice to strengthen long-term financial resilience among Ghanaian workers.
