Working Ghanaians are showing clear signs of financial recovery, with confidence in the economy more than doubling and financial stress levels halving over the past year, yet deep vulnerabilities around retirement savings, investment confidence, and access to professional financial advice persist, the latest Old Mutual Financial Wellness Monitor has revealed.

The 2025 report, which surveyed urban and peri-urban working Ghanaians aged 20 to 59 earning GH¢1,200 or more, found that confidence in the Ghanaian economy has surged from 22 per cent to 48 per cent, with seven in ten respondents believing the economy will improve over the next year.

Nearly 80 per cent expect their own personal financial situation to get better within the next six months.

Financial stress halves to three-year low

As economic pressures ease, financial stress levels have dropped dramatically from 60 per cent to 30 per cent – the lowest level recorded in three years of tracking the study. The improvement is being driven by better debt management, improved income, and growing emergency savings.

"The data shows that resilience is being built, but it is fragile," said Roy Punungwe, CEO of Old Mutual Group Ghana.

"After several years of sustained financial pressure, working Ghanaians are finally beginning to experience some much-needed financial breathing room. In a more stable macro-economic environment, people are becoming more intentional – managing debt prudently, exercising greater control over spending, and actively rebuilding their savings."

Income growth but vulnerability persists

More than a third (37 per cent) of respondents report earning more than they did a year ago, with younger Ghanaians and higher-income earners seeing the most significant increases.

Yet vulnerability remains pronounced: 39 per cent fear losing their income, and nearly half would run out of money within three months if that income stopped.

To mitigate risk, many Ghanaians are diversifying their income streams. More than one in four (27 per cent) are now "poly-jobbing" – combining formal employment with side hustles, freelancing, or after-hours work.

The trend is most pronounced among younger Ghanaians aged 20 to 29, reflecting limited job security and employment opportunities.

Cautious spending and savings behaviour

Expense control has become the second-highest financial priority for working Ghanaians in 2025, behind only income security. While worries about debt have eased significantly – with 67 per cent reporting less debt than a year ago – more than half of respondents still admit to overspending frequently, highlighting ongoing behavioural challenges.

Savings behaviour is strengthening, with 24 per cent of household income now allocated to savings and 80 per cent of respondents reporting having a savings goal. However, savings remain largely short-term and informal.

Bank accounts (57 per cent), mobile money (50 per cent), and Susu savings schemes (44 per cent) dominate the savings landscape, while just over one in five still keep cash savings outside formal channels.

Emergency funds, children's education, and business continuity are the leading savings goals – reflecting a focus on immediate stability rather than long-term wealth creation.

Retirement preparedness gap widens

Despite 92 per cent of working Ghanaians acknowledging the importance of saving for retirement – up from 83 per cent in 2024 – retirement ranks only seventh among savings priorities. Just one in three respondents have actively started saving for retirement, and confidence in investment decisions is declining.

Only 14 per cent of working Ghanaians feel very confident in their savings and investment decisions, down from 21 per cent in 2024. Risk aversion is also increasing, with only 10 per cent willing to take substantial financial risk for substantial returns, compared to 24 per cent in 2023.

"There is a clear gap between intention and action when it comes to long-term financial planning," Punungwe said. "Ghanaians want to secure their future, but short‑term pressures, limited trust, and lack of guidance are holding them back."

Financial advice gap

Just 13 per cent of working Ghanaians use a financial adviser, even though those who do are significantly more confident in their financial decisions. Almost half of respondents said they were not always sure whom to turn to for financial advice, pointing to a significant opportunity for the financial services industry to step in.

Sandwich generation eases

The proportion of working Ghanaians caught in the "sandwich generation" – financially supporting both children and adult dependents – has declined to 31 per cent, down from 42 per cent in 2023, indicating that dependency levels are gradually improving.

Entrepreneurship remains key

Entrepreneurship continues to play a vital role in the Ghanaian economy, with 41 per cent of working consumers owning or part-owning a business. The vast majority (61 per cent) fund their businesses through profits, while only 6 per cent access financing through formal financial services companies.

Overall wellbeing still low

Despite the positive signs, more than four in ten working Ghanaians still rate their overall wellbeing as poor, with a clear link between wellbeing and income.

Only 13 per cent strongly agreed that they have the financial freedom to make choices that allow them to enjoy their lives without too much financial pressure.

Conclusion

The Old Mutual Financial Wellness Monitor concludes that Ghana is transitioning from survival to recovery – but that sustainable financial wellness will require greater engagement with formal financial solutions, improved financial literacy, and stronger trust in the financial system.

"This research reinforces why Old Mutual exists," Punungwe said.

"Our role is not just to provide financial products, but to build trust, offer guidance, and help working Ghanaians move from short‑term resilience to long‑term financial security. The optimism is there – with the right support, it can be transformed into lasting wellbeing."