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92% of Ghanaians value retirement savings, only 33% prepare

Edem Kwame
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92% of Ghanaians value retirement savings, only 33% prepare

A new report by Old Mutual has revealed a growing gap between retirement awareness and actual financial preparation among working Ghanaians.

According to the 2025 Financial Wellness Monitor, while 92% of employed Ghanaians recognise the importance of saving for retirement, only 33% have taken practical steps to prepare financially for life after work.

The findings highlight increasing concerns about long-term financial security despite signs of economic recovery in the country.

Majority of Workers Fear Their Retirement Savings Are Insufficient.

The report states that three out of four working Ghanaians believe they have not saved enough for retirement, raising concerns about the future financial wellbeing of many households.

Confidence in retirement readiness has also declined significantly, with 74% of respondents expressing doubts that their savings would be enough to sustain them after retirement. This represents an 18-percentage-point increase in concern compared to 2023.

The uncertainty affects workers across different income groups, including higher earners.

Even among people earning above GH₵3,000 monthly, nearly two-thirds remain uncertain about their long-term financial stability.

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Low Trust and Limited Income Affect Retirement Planning

The report identified several major barriers preventing Ghanaians from prioritising retirement savings.

One of the biggest concerns is low confidence in pension systems, with 52% of respondents fearing they could lose their savings if pension providers collapse.

Additionally, many Ghanaians continue to rely on family support during old age, with 55% expecting relatives to assist them financially after retirement.

Limited income also remains a major challenge, as 32% of respondents said they simply do not earn enough money to save consistently.

Retirement Planning Ranks Low Among Savings Priorities

According to the report, retirement planning currently ranks seventh among the financial priorities of most working Ghanaians.

People are placing greater focus on immediate financial needs, such as:

Although some households are improving their financial conditions by reducing debt and adjusting spending habits, the report warned that many of these improvements may only provide short-term relief.

Key Findings From the Report

  • 92% of working Ghanaians value retirement savings.

  • Only 33% are actively preparing for retirement.

  • 74% doubt their savings will be enough after retirement

  • 52% fear losing savings if pension providers collapse

  • 55% expect family support during old age

  • 32% say low income prevents them from saving

Edem Kwame

Edem Kwame is a journalist at GH News Media covering business and national developments in Ghana.

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