The 2024 Old Mutual Financial Services Monitor has highlighted a significant shift in the financial habits of Ghanaians, with fewer people dipping into their savings to cover daily expenses.

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This trend suggests a growing emphasis on financial discipline and long-term stability.

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The report reveals that only 18% of working Ghanaians relied on their savings to make ends meet in 2024, a substantial drop from the 61% recorded in 2023.

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"Furthermore, Ghanaians are significantly less inclined to dip into their savings to make ends meet, relative to 2023. 61% dipped into savings to make ends meet in 2023 and 18% in 2024," parts of the report read.

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Despite this encouraging development, informal savings practices remain widespread. According to the report, 37% of working Ghanaians participate in Susu schemes, while 28% keep cash unbanked for easy access.

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The report added that mobile money remains a preferred savings option, with 46% of Ghanaians using mobile wallets.

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However, the report raises concerns about the low rate of retirement savings. While 25% of household income is set aside for savings, only 33% of Ghanaians actively save for retirement, with many prioritizing immediate financial commitments such as business investments, education, and emergencies.

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Financial analysts recommend structured investment options such as pension schemes and fixed deposits to ensure long-term financial security.

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Amid ongoing economic challenges, the increasing focus on preserving savings indicates that more Ghanaians are taking proactive steps toward securing their financial future.

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Old Mutual Financial Services Monitor, which provides life assurance, asset management, banking, and general insurance, serves over 16 million customers across Africa, the Americas, Asia, and Europe.

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The company entered the Ghanaian market in 2013 after acquiring a majority stake in Provident Life Assurance.

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A year later, in 2014, it rebranded and commenced operations under the name Old Mutual Life Assurance Company (Ghana) Limited.

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