June 13, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

9 in 10 working Ghanaians dissatisfied with their financial situation – Old Mutual 2023 Report

A recent study conducted by Old Mutual has revealed a concerning trend in Ghana’s financial landscape: a significant portion of working Ghanaians are not happy with their current financial situation.

The study, which surveyed individuals from both formal and informal sectors earning over GHS1000 in 2023, found that only 14% of respondents were happy with their financial status.

This means that 86% of respondents expressed dissatisfaction with their current financial situation. This widespread discontent shows a notable challenge for many Ghanaians striving for financial stability.

Interestingly, there is an age discrepancy in satisfaction levels, with older individuals showing higher levels of contentment compared to their younger counterparts. This could be because older individuals may have had time to save and plan for financial challenges.

Moreover, individuals earning between GHS1,500 and GHS3,000 showed lower levels of satisfaction compared to those earning between GHS1,000 and GHS1,500. This disparity suggests that a higher income doesn’t necessarily result in greater financial contentment.

No matter the underlying causes, the findings of the Old Mutual survey show the need to address financial stability in Ghana. With the majority of working individuals living with financial challenges, intentional efforts are necessary to improve financial well-being across the country.

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