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.

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

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.

"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.

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.

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

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.

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

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

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.

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

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