Connect with us

Hi, what are you looking for?


64% of Ghanaians Are Suffering Financial Stress: Report

Old Mutual Financial Services Monitor
64% of Ghanaians Are Suffering Financial Stress: Report

A report by Old Mutual Financial Services Monitor (OMFSM) has asserted that about 64% of Ghanaians among the working population are suffering from financial stress.

The finding denotes that much of Ghanaians among the working population are in the lower-income group.

The findings underscore disparities, revealing elevated stress levels among individuals with lower incomes thus earning below GH¢3,000 per month, and those engaged in the informal sector.

Furthermore, 55% of survey participants reported incomes below pre-2022 or pre-recession levels.

The study revealed that 44% depend on a single source of income, while 24% engage in multiple income streams as PolyJobbers, a trend particularly prevalent among those earning GH¢3,000 or more.

READ:  Stir Online As Woman Smear Per!od Bl0-d On Her Face For Acne

Despite the significance of retirement planning, less than a quarter prioritize it as a savings goal.

Only 37% have initiated savings for retirement, and confidence in retirement provision is low, scoring 5.8 out of 10.

The research highlights a low adoption of formal retirement products, with only 20% holding a pension/provident fund through an employer.

Furthermore, 88% lack life cover, considering it a non-immediate priority and too expensive.

Regarding employee benefits, 28% of formal sector workers lack them, and among those who have them, medical/health insurance (28%) and pension/provident fund (20%) are the most common.

A noteworthy finding is that 54% of respondents own a business, primarily self-financed from business funds or personal savings.

The data also indicated a preference for debt avoidance, with only 11% seeking funding from financial services companies.


Tap To Join Our WhatsApp Community

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Ghana Celebrity News, Ghana Entertainment News, Politics, Sports, and Latest updates; We serve as an unbiased Ghana News source to inform people about recent or important events and information in categories including but not limited to entertainment, sports, finance, business, and celebrity news. Powered by Dipsets Media, a premier entertainment company with 8 years of experience in Entertainment, Local News, and Everything Lifestyle. Phone +233 247 659 843. Contact us: [email protected]