The Old Mutual Financial Services Monitor (OMFSM) has revealed that 64% of the Ghanaian working population are considerably financially stressed with 72% of this number found among lower-income group.
The Monitor which is an annual study into the financial behaviours of Ghanaians also stated that about 40% of Ghanaians have the burden of supporting both children and adult dependents. The report also stated that almost 50% of Ghanaians are engaged in auxiliary jobs to support upkeep.
On retirement and savings, it was noted that more Ghanaians are focused on long-term savings. This demonstrated by over 60% of the working population dip into their savings for survival while the major reason for the low investment in annuity products is the lack of confidence in retirement schemes.
Speaking on the findings of the report, Vuyokazi Madude, Head of Knowledge and Insights at Old Mutual stated that low income levels in Ghana pose a threat to savings.
“There is a real challenge of access to money and funds to make ends meet which is why people are going to their savings.“
She further called for deepened awareness of the need for long-term investments and savings.
“We need to help people to understand their long term investment savings goals and priorities. That comes with education and the right financial advice.”
Group Chief Executive Officer of Old Mutual Ghana, Tavona Biza emphasised Old Mutual’s commitment to providing tailored retirement solutions for consumers.
“Our products serve the unique purpose of helping you plan for retirement. We have products that will serve all retirement and contingency needs”.
Old Mutual is one of Ghana’s top 10 leading financial institutions with an innovative record in offering the best in insurance services and has since produced the Old Mutual Financial Services Monitor which is an annual study into the financial behaviours of Africans with a key focus on the economic outlook and its impact on society.
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