Working Ghanaians are beginning to recover from years of economic pressure, with falling financial stress, improving incomes and renewed optimism about the economy. Yet beneath the recovery story lies a deeper concern: many households remain financially fragile, with limited long-term savings and little protection against future shocks.
That is the central finding of the latest Old Mutual Financial Wellness Monitor, which paints a picture of a population slowly regaining financial confidence while still struggling to build lasting economic security.
The survey, which focused on urban and peri-urban workers earning at least GH¢1,200 across both formal and informal sectors, found that confidence in Ghana’s economy has more than doubled from 22 percent to 48 percent.
Nearly seven in ten respondents now believe economic conditions will improve over the next year, while close to 80 percent expect their personal financial situation to improve within six months.
The improving sentiment reflects a broader easing of economic pressures following a period marked by inflation spikes, currency instability and rising living costs that severely strained household finances.
Most significantly, financial stress levels among working Ghanaians have fallen sharply from 60 percent to 30 percent , the lowest recorded since the survey began three years ago.
Old Mutual Group Ghana CEO Roy Punungwe said the findings suggest many Ghanaians are gradually regaining control over their finances after years of economic uncertainty.
“People are becoming more intentional , managing debt prudently, exercising greater control over spending, and actively rebuilding their savings,” he said.
Recovery With Fragile Foundations
Despite the growing optimism, the report warns that the recovery remains highly vulnerable.
Although 37 percent of respondents said they now earn more than they did a year ago, nearly half indicated they would run out of money within three months if their income stopped.
About 39 percent also expressed fear over losing their source of income entirely.
The findings point to a persistent reality within Ghana’s economy: many households may be earning again, but few possess enough financial buffers to withstand sudden disruptions such as job losses, illness or economic shocks.
The report shows that increasing numbers of Ghanaians are responding by diversifying income sources.
More than one in four workers are now “poly-jobbing,” combining formal employment with side businesses, freelancing or additional after-hours work to strengthen household income.
The trend appears particularly common among younger workers facing unstable employment conditions and rising economic uncertainty.
Savings Rise, But Mostly For Survival
The study found encouraging improvements in savings behaviour, with households now allocating about 24 percent of income toward savings and 80 percent reporting specific savings goals.
However, much of the saving remains short-term and defensive rather than investment-driven.
Emergency funds, children’s education and business continuity emerged as the main priorities, reflecting how households continue to prioritise immediate financial survival over long-term wealth accumulation.
Many Ghanaians also remain outside formal investment systems.
Bank accounts, mobile money wallets and traditional Susu schemes continue to dominate savings behaviour, while more than one in five respondents still keep savings in cash outside regulated financial institutions.
Analysts say the findings highlight both improving financial discipline and lingering distrust or limited access to formal financial products.
Retirement Planning Remains Weak
One of the survey’s most striking findings is the growing disconnect between awareness and action regarding retirement planning.
Although 92 percent of respondents acknowledged the importance of retirement savings, only one in three said they were actively saving toward retirement.
Retirement ranked only seventh among overall savings priorities.
Confidence in financial decision-making also weakened, with only 14 percent of respondents saying they felt highly confident about savings and investment decisions, down from 21 percent last year.
The report attributes part of the problem to low access to professional financial advice.
Only 13 percent of respondents currently use financial advisers, despite evidence showing that those who receive financial guidance demonstrate stronger confidence and long-term planning behaviour.
“There is a clear gap between intention and action when it comes to long-term financial planning,” Mr Punungwe noted.
Beyond Recovery
The findings suggest Ghana may be entering a new economic phase, moving gradually from financial survival toward recovery but with significant structural vulnerabilities still unresolved.
While easing inflation and macroeconomic stability are helping restore optimism, the survey indicates that sustainable financial wellbeing will depend heavily on stronger financial literacy, wider access to trusted financial products and improved long-term planning culture.
For financial institutions, the report also presents a strategic challenge: rebuilding trust and encouraging more Ghanaians to transition from short-term saving habits toward structured investment and retirement planning.
As Ghana’s economy stabilises, the larger question may no longer simply be whether households are recovering.
It may be whether that recovery is strong enough to survive the next economic shock.
