A survey conducted by the pan-African investment and savings firm Old Mutual unveiled that 57% of the sampled Ghanaian workers lack or don't enjoy employee benefits from their employers.

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The study further highlighted that among those with employee benefits, health insurance and retirement funds were the most common offerings for the majority of employees in Ghana.

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“Health insurance leads in both the formal and informal sector, whilst retirement fund membership is much more notable in the formal sector (52% vs 7% informal). About half of formal sector workers reported receiving financial information from their employers verses only 18% of informal sector workers, with most being indifferent on it being beneficial,” the study revealed.

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Further insights from the annual report titled "Old Mutual Financial Services Monitor (OMFSM)" indicate that financially distressed individuals in Ghana are more prevalent among the lower-income group (72%) and those in the informal sector (68%).

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Additionally, the study highlighted that less than 1 in 5 consumers have expressed confidence in the country's economy.

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“This low level of confidence is reflected across the surveyed countries in Africa, namely SA, Namibia, and Kenya,” the OMFSM survey explained.

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In terms of financial priorities, income security emerged as the foremost concern for a majority of Ghanaians, aligning with trends observed across the surveyed African countries.

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The study also revealed that 44% of respondents rely on a single source of income, while approximately 24% engage in polyemployment, involving side hustles, freelancing, and additional work beyond their regular job.

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Notably, PolyJobbers are more common among those earning GH¢3000 or more, constituting 37% of this group.

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