Only 33% of Workers Actively Planning for Retirement – Report

A new report has revealed a widening gap between awareness and action on retirement planning among Ghanaian workers.

The 2025 Financial Wellness Monitor by Old Mutual shows that although 92 percent of working Ghanaians recognise the importance of saving for retirement, only 33 percent are actively taking steps to prepare for life after work

The findings highlight growing concerns about long-term financial security, with three out of every four workers believing they have not saved enough for retirement.

Confidence in retirement readiness is also declining. The report indicates that 74 percent of respondents doubt whether their savings will be sufficient in retirement, representing an 18 percentage-point increase in concern since 2023.

The uncertainty cuts across income levels, with nearly two-thirds of higher-income earners those earning above GHS 3,000 monthly also expressing doubt about their financial preparedness.

According to the report, several factors are driving the low savings culture. About 52 percent of respondents fear losing their savings if pension providers collapse, reflecting low trust in financial institutions.

Another 55 percent expect to rely on family support in old age, while 32 percent cite low income as a barrier to consistent savings.

Retirement planning also ranks low among financial priorities, coming seventh behind immediate needs such as emergency funds, education, and business investment.

The report further notes a decline in investment confidence, which has fallen from 21 percent to 14 percent, with fewer people setting financial goals or tracking their finances consistently.

Access to professional financial advice remains limited, with only 13 percent of working Ghanaians currently using financial advisers, despite about 60 percent acknowledging its importance. Nearly half of respondents also say they do not know where to find reliable financial guidance.

The study concludes that continued reliance on informal savings systems and weak retirement planning could expose many households to future financial shocks.

It calls for stronger financial literacy, improved trust in pension institutions, and expanded access to professional financial advisory services to improve long-term financial resilience among Ghanaian workers.