Only 18% Of Ghanaians Confident About Retirement - The Old Mutual Financial Services Monitor

Not only has it achieved this objective, but it has also provided valuable insights for Financial Services Providers (FSPs) to better serve their customers. Today's focus is on retirement savings and the attitude of the working Ghanaian towards it.

The monitor reveals a high correlation between adult dependency and retirement savings.

But first, let's delve into what it reveals about retirement savings.According to the Monitor, retirement savings ranks 8th among savings goals.

This clearly indicates that retirement savings is not a priority for the working class.

This also highlights the percentage of working Ghanaians experiencing financial stress, which stands at 64percent.As a business committed to being the customer's first choice to grow, sustain, and protect their prosperity, Old Mutual continuously educates and sensitizes customers through its flagship financial education program, On The Money, on optimizing their finances for financial freedom.Another innovative initiative is the launch of the industry’s first Retirement Salary product also known as the Annuity product, which is designed to provide financial security to Old Mutual customers aged 50 and above. As the name suggests, it guarantees a lifetime income for the plan holder in a secure manner, advancing self-reliance and enabling retirees to enjoy the perfect retirement.

As FSPs, we must continually educate customers and the general public about the benefits of saving and planning for retirement, including reduced adult dependency, reduced borrowing, and less financial stress on the working population. From an economic standpoint, retirement savings represent long-term investments essential for long-term projects and beneficial to the state.

In Ghana, the company is currently made up of Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering a diverse portfolio of financial solutions, including Savings plans, Group life benefits, Funeral plans, Travel insurance and Pensions schemes.

 

 

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