The 2024 Old Mutual Financial Services Monitor has reported a significant shift in financial behavior among Ghanaians, with a stronger emphasis on savings and financial discipline.
The report shows that only 18% of working individuals withdrew from their savings in 2024, while a sharp decline from 61% in 2023, highlighting a growing focus on financial security.
Despite this improvement, informal savings methods remain dominant. The report found that 37% of Ghanaians use Susu, 28% keep unbanked cash, and 46% rely on mobile money wallets as their primary savings avenues.
While these methods provide flexibility, financial experts caution that they may not offer long-term security compared to formal financial instruments.
One major concern raised in the report is the low level of retirement savings, it said Only 33% of Ghanaians actively save for retirement, as many prioritize business investments, education, and emergency funds over long-term financial planning.
This trend raises concerns about financial stability in old age, particularly in an economy where social security systems remain limited.
The report also indicated that Ghanaians now allocate 25% of their household income to savings, showing an increased commitment to financial planning.
However, economists urged individuals to consider pension schemes, fixed deposits, and other long-term financial products to ensure sustainable financial security.
As financial habits continue to evolve, industry stakeholders are calling for greater financial education and awareness campaigns to encourage structured retirement planning and better investment choices for long-term wealth creation.
