A concerning report from the 2025 Financial Wellness Monitor by Old Mutual has revealed that, although more working Ghanaians recognise the importance of saving for retirement, many still struggle to do so effectively.

According to the report, a remarkable 92 percent of the working population in Ghana is aware of retirement savings and acknowledge the need to; however, just about 33 percent of them have taken concrete steps toward retirement planning.

Findings from the report reveal that despite the recent signs of economic recovery, many people remain unprepared, with no long-term or stable plan for their retirement money needs and potential emergencies.

According to the report, three out of every four working Ghanaians believe they have not saved enough for retirement, highlighting growing concerns over future financial security.

Also, 74% of respondents are uncertain about their retirement savings, with concerns about having sufficient funds after retirement, an 18 percentage-point increase since 2023. The uncertainty cuts across income levels.

The report pointed out some behavioural challenges in the saving culture of Ghanaians, citing that even with people who earn above GHS 3,000 monthly, nearly two-thirds remain uncertain about their long-term financial security.

52% also expressed fears of the collapse of financial institutions such as pension providers, highlighting a low trust in financial institutions.

Another 55 percent expect family support during old age, while 32% cite limited income as the main obstacle to saving consistently.

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

The study also found a decline in investment culture among Ghanaians, as confidence in it has dwindled, citing a 7% drop, with fewer people setting financial goals or tracking their finances.

Access to professional financial advice also remains limited, with just 13% of the working population making use of financial advisers despite about 60% acknowledge the importance of professional financial guidance. On the other hand, almost half of the respondents say they do not know where to seek reliable financial advice.

Retirement planning continues to take a back seat, ranking seventh among savings priorities behind more immediate needs like emergency funds, education, and business investment.

While some households are improving their financial conditions by reducing debt and adjusting spending habits, the report warns that many of these gains remain short-term.

Continued reliance on informal savings systems and inadequate retirement planning could leave many households exposed to future economic shocks.

Meanwhile, Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, last year, 2025, assured the public of the Trust’s viability and commitment to fulfilling its obligations as the country’s main social security fund.

Kwesi Afreh Biney mentioned this during an appearance on Citi TV’s Breakfast show on Thursday, October 30.

Around October last year, the Trust’s financial health and management efficiency were under heavy scrutiny. This was after multiple investigations and Right to Information (RTI) disclosures revealed that SSNIT had tied up over GH¢1.8 billion in underperforming or mismanaged real estate projects, which included commercial properties valued at GH¢1 billion, residential projects exceeding GH¢500 million, and land banks with questionable strategic value, sparking fears that poor returns could threaten the fund’s long-term sustainability. These fears, according to reports, still linger in the minds of some Ghanaians.

But Mr Biney has dispelled these public doubts, reaffirming the Trust’s commitment to social protection and economic stability. He acknowledged the shortfalls in the scheme and the challenges he inherited from the previous administration; however, he revealed that his outfit has worked on a three-year strategy to address these issues.

“The institution remains strong. There were challenges, but there were opportunities in there. I inherited challenges and positives, but we worked together to define a strategy for what the future will look like. This is a defined benefit scheme, so it’s one that we have to pay. It’s what the government even has to guarantee as well. So there’s nothing like the trust will fail, for which reason people’s pensions will be in jeopardy? No, he added.

As proof of the Trust’s competence, he stated that SSNIT has made a payment of about five billion Ghana Cedis (GH¢5 billion) in pensions this year.

SSNIT, Ghana’s statutory public trust responsible for administering the country’s basic national pension scheme, mostly make payments on the 20th of every month.

“What I will say is that we have successfully paid pensions since 1965. In 1965, only three pensioners were being paid. Today, we pay over 257,000 pensioners each month. This year alone, we paid in excess of five billion cedis in pensions. Is it sustainable? The trust will continue to evolve, we will continue to make it stronger, and we’ll put in systems to ensure that we never fail,” he noted.