64% of Ghanaian workers financially stressed, Old Mutual Financial Services Monitor reveals
The Monitor, which is an annual study to gain a deeper understanding of the financial behaviours and attitudes of Ghanaians, revealed that less than 1 in 5 consumers express confidence in the country's economy
The Old Mutual Financial Services Monitor (OMFSM) has revealed that 64% of the Ghanaian working population is considerably financially stressed, with 72% of this population found among lower-income groups and 68% working in the informal sector.
The Monitor, which is an annual study to gain a deeper understanding of the financial behaviours and attitudes of Ghanaians, revealed that less than 1 in 5 consumers express confidence in the country’s economy.
On retirement and savings, the report noted that only just over 37% of working Ghanaians actively saved for their retirement, indicating that retirement savings did not rank among their top savings goals.
Addressing the media, the Head of Knowledge and Insights at Old Mutual, Vuyokazi Mabude, said her outfit is committed to strengthening Ghanaians to overcome their financial challenges, particularly during retirement.
“It has revealed to us something that we have known and some things that are quite new to us. When you are in the market and they are doing certain things, you must always be looking for things that make sense and are relevant. The study gives us facts, and we can now be able to use those facts by providing solutions to Ghanaians.”
Group Chief Executive Officer of Old Mutual Ghana, Tavona Biza, emphasised his outfit’s commitment to providing retirement solutions for consumers.
He added that “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 of offering the best in insurance services. It 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.
Reporting by Seeta Semenu in Accra
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