A new report by Old Mutual has revealed that a staggering 90% of Ghanaians do not rely on financial advisors when making key financial decisions, with 50% admitting they do not even know where to seek financial advice.
Speaking at the Old Mutual Financial Service Monitoring Debriefing Meeting in Accra on Wednesday, March 12, 2025, Vuyokazi Mabude, Group Head of Knowledge and Insights at Old Mutual Limited, noted that many Ghanaians struggle to access professional financial advice. "From across the market, 90% of people say they don't have financial advisors. 50% of people say they don't even know where to go for financial advice.
They are currently using word of mouth, getting their information from television, or listening to the radio," she stated.
Mabude described this as a "massive financial gap", emphasizing the need for increased awareness and accessibility to financial advisory services to help people better manage their finances. "As it stands today, there is a massive financial gap in the market and in a way that people engage with their finances." According to her, the lack of professional financial guidance has also affected decision-making confidence among Ghanaians. "What that doesn't only impact the ability to make decisions, but also the confidence in the decisions that people make.
