Financial stress drops as confidence improves – Old Mutual Report
The 2025 Old Mutual Financial Wellbeing Monitor Report has revealed improving confidence among working Ghanaians, with key indicators pointing to reduced financial stress and better money management habits.
The report, which surveyed individuals in both the formal and informal sectors, focused on people aged between 20 and 59 who earn at least GH¢1,200 a month.
It found that confidence in Ghana’s economy had improved significantly, with 48 per cent of respondents expressing confidence, up from 70 per cent in 2024.
Speaking at the Old Mutual Financial Wellbeing Monitor event in Accra yesterday, the Head of Knowledge and Insights at Old Mutual, Mrs Vuyokazi Mabude, said the findings showed a “recovery trend across the board” as people worked to rebuild their finances after the impact of the previous year.
She underscored the need for improved financial education and wider access to reliable financial advisory services, explaining that many consumers continued to make major financial decisions without adequate information.
Mrs Mabude said one of the key lessons for Old Mutual and the broader financial services industry was the need for sustained investment in financial literacy.
She said the company still had a lot of work to do in financial education, noting that many people were making decisions without fully understanding the options available to them.
According to the report, seven out of 10 respondents were optimistic that economic conditions would improve next year.
Mrs Mabude also indicated that financial stress levels had declined sharply, with the proportion of highly stressed individuals dropping from 60 per cent in 2024 to 30 per cent in 2025.
Despite the positive trend, she noted that many Ghanaians remained financially vulnerable, particularly when faced with unexpected expenses such as medical bills and other financial shocks.
She added that a significant number of people were still not planning adequately for the future, especially in terms of retirement savings and long-term investments.
The Chief Executive Officer of Old Mutual Ghana, Mr Roy Punungwe, also emphasised the need for improved financial education and access to trusted advisory services.
He said many consumers continued to make important financial decisions without sufficient information, adding that greater investment in financial literacy remained critical.
Mr Punungwe said there was still much work to be done in educating consumers, stressing the need to commit more time and resources to help people better understand their financial options.
BY AGNES OWUSU
Follow our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q
