A new report has revealed a significant gap between awareness and action on retirement planning among working Ghanaians, highlighting concerns about long-term financial security despite growing economic awareness.

The Old Mutual Financial Wellness Monitor 2025 shows that while 92 per cent of working Ghanaians acknowledge the importance of saving for retirement, only about 33 per cent are actively making concrete preparations for life after work.

The report indicates that three in every four workers believe they have not saved enough for retirement, with 74 per cent expressing doubts about whether their future savings will be sufficient.

This represents an 18 percentage-point increase in retirement anxiety since 2023, cutting across both low- and high-income earners, including those earning above GH₵3,000 monthly.

It further identifies several structural and behavioural barriers to effective retirement planning.

These include low trust in pension systems, with 52 per cent of respondents fearing loss of savings if providers collapse, while 55 per cent expect financial support from family in old age.

Additionally, 32 per cent cited insufficient income as a major constraint, contributing to retirement planning ranking seventh among household financial priorities.

The study also highlights declining investment confidence, which has fallen from 21 per cent to 14 per cent, alongside limited use of professional financial advice.

Only 13 per cent of workers currently consult financial advisers, even though nearly 60 per cent acknowledge their importance.

The report warns that continued reliance on informal savings systems and weak long-term planning could expose households to future financial shocks, calling for stronger financial literacy, improved trust in institutions and better access to advisory services.