The latest report by Old Mutual Financial Wellness Monitor, suggests that about 30 percent of Ghana’s working class are developing a taste for gambling and betting to cushion themselves in covering daily expenses and debts amid signs of growing income levels and easing financial pressures in the economy.

The report presents a two sided picture of gradual recovery and lingering financial vulnerability among working Ghanaians.

Even though 37 percent of respondents admitted an increase in finances in comparison to about a year ago, equivalent to an improvement from 22 percent in 2023, many households remain under financial strain.

According to the study, 39 percent of Ghanaians remain worried about losing their income, while more than half; 53 percent risk running out of funds in less than three months should they lose their jobs or income streams.

Despite signals of improving macroeconomic conditions and consumer confidence improvement , many households still lack adequate savings to cope with economic difficulties.

Consequently, many have resorted to side businesses and other sources of income to cushion and sustain them in ase of unexpected financial pressures.

The report notes that 27 percent of working Ghanaians are now “poly-jobbers”- people earning additional income beyond their primary jobs up from 21 percent in 2024.

Young people are leading this trend, with 32 percent of Ghanaians aged between 20 and 29 reporting additional income streams, largely driven by limited job opportunities and rising financial obligations.

A report from the 2023 Old Mutual Financial Services Monitor indicated that only 14% of working Ghanaians were satisfied with their financial situation at the time.

The study shed light on levels of financial stress, revealing that both informal-sector workers and local income earners in Ghana faced significant financial challenges.

According to the report, 68% of those experiencing financial stress were in the informal sector, while 55% belonged to the formal sector. The findings underscored the financial pressures faced by a majority of Ghanaians and their implications for overall well-being.

Dependents and Financial Priorities

The study also examined the prevalence of dependents among Ghanaians and found a high incidence, particularly among older and more affluent consumers. Less than half of those surveyed fell into the category of the “sandwich generation”, while the report noted that most dependent children belonged to the respondents themselves.

Income security emerged as the leading financial priority for Ghanaian consumers, followed by efforts to reduce expenditure through measures such as postponing major purchases and opting for more affordable retail brands. Paying off debt ranked sixth among respondents’ financial priorities.

Household Income and Spending Patterns

The report also provided insights into household spending patterns in Ghana, showing that consumption accounted for just over half of household expenditure. Savings made up about a quarter of spending allocation, while debt servicing represented only 9% of household income allocation.

Despite the financial challenges, Ghanaians demonstrated discipline in managing debt. The study found that one in four Ghanaians had borrowed from friends or family, while one in five had fallen behind on household bills during the previous year. In addition, six in ten respondents had drawn on their savings to meet financial obligations, while fewer than a quarter reported using credit cards.

Overall, the report provided a broad overview of Ghana’s financial landscape and highlighted the need for tailored solutions to address the specific challenges facing different segments of the population. It noted that understanding these financial dynamics was important for policymakers and financial institutions seeking to improve the financial well-being of Ghanaians.