Research has shown that a greater percentage of Ghanaians are not planning properly for their retirement.

According to the 2023 Old Mutual Financial Services Monitor, out of the total respondents, only 18.0% are “very” confident that they have enough savings for retirement.

It said the percentage of those who save is significantly higher amongst informal sector workers and younger and lower-income earners.

Also, only 37.0% of respondents have started saving for retirement.

7 out of 10 Ghanaians hope their children may support them when they are old.

88% of respondents said they do not currently have life cover.

24% of them explained that life cover is not a priority while eighteen percent said they do not see the importance.

They mentioned that their top savings channels are a bank, Mobile money, Susu, or Unbanked cash.

SSD/NOQ

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