Only 33 percent of Ghanaians are actively saving towards retirement despite growing awareness of the importance of long-term financial planning, according to a new survey released by Old Mutual.
The findings, unveiled in Accra on Wednesday, point to a widening gap between financial awareness and actual saving behaviour, even as more Ghanaians report improving economic conditions and reduced debt levels.
According to the survey, the proportion of respondents who consider retirement savings important rose sharply from 83 percent in 2024 to 92 percent in 2025. Yet retirement planning still ranks only seventh among personal financial priorities for many households.
The report highlights persistent financial vulnerability among Ghanaians, with many respondents still prioritising immediate expenses, business needs and children’s education over long-term savings.
Speaking on the sidelines of the launch, Head of Knowledge and Insight for Old Mutual Group, Vuyokazi Mabude, said the findings showed encouraging signs of economic recovery but also exposed significant weaknesses in retirement preparedness.
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“The most exciting thing we’ve seen in this year’s report is that people are definitely starting to see a recovery trend across the board in their financial outlook,” Mabude said.
“They’re more positive, they’re cutting back on expenses, they’re saving more and they really are making traction in terms of recovering from the previous year’s impact.”
The survey found that confidence in Ghana’s economy has nearly doubled compared to previous findings, with almost seven in ten respondents expressing optimism that economic conditions would continue to improve.
Mabude attributed the renewed confidence partly to improvements in the country’s macroeconomic environment and greater stability in governance and economic management.
“People are starting to feel the changes that are happening from a political and economic standpoint,” she said.
“They are also able to manage their expenses better, prices of things have reduced and they are able to save more for businesses and children’s education.”
The report also recorded improvements in debt management among households. About 67 percent of respondents said they currently carry less debt than they did a year ago, while more people are proactively engaging creditors to restructure repayment arrangements.
In addition, 37 percent of respondents said they were earning more income than in previous years, suggesting a gradual recovery in household finances after prolonged economic pressures linked to inflation and currency depreciation.
Despite the improving outlook, the survey revealed deep concerns about long-term financial security, especially retirement planning.
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Mabude warned that many Ghanaians remain financially exposed to unexpected shocks such as medical emergencies and job losses, with insufficient savings to cushion them against future hardship.
“Although everybody agrees that retirement savings are important, only a third of people are actually actively saving toward their retirement,” she said.
She added that even among those saving, many were not using formal pension or investment products, reflecting continued low trust and limited understanding of the insurance and pension industry.
The findings also revealed a continued cultural dependence on children as a source of financial support during old age, a trend experts say could worsen the economic burden on younger generations.
Mabude pointed to the growing challenge of the so-called “sandwich generation” – working adults who simultaneously support children and ageing parents.
“If people are not saving for retirement, their children in 20 or 30 years will have to maintain households for both adult dependants and child dependants,” she said.
She warned that failure to improve retirement planning could reverse gains made in reducing financial dependency within households.
“It is critical that people get the right financial advice, start to think about their retirement and start to save towards their retirement,” she added.
While stressing that the survey was not intended to directly shape government policy, Mabude urged the financial services industry to use the findings to address gaps in financial literacy, retirement planning and access to trusted savings products.
The report comes at a time when Ghana is seeking to stabilise its economy following years of high inflation, rising living costs and debt restructuring measures under an International Monetary Fund-backed recovery programme.
