A survey conducted by Old Mutual Financial Services Monitor has revealed that a whooping 78 percent of the Ghanaian working population have their earnings stagnated and some even less than they were a year ago, prior to the recession in September 2022.
With the recessionary environment, even those earning the same , have less money in their pockets and have to resort to other means to sustain their livelihoods.
The Old Mutual Financial Services Monitor seeks to understand the working population ‘s financial behaviour,perceptions and attitudes in Ghana.
In the face of the economic recession, the survey aims to provide the consumer, context and texture , delving into how consumers are responding to their current financial reality.
The survey which was conducted in three other African countries including South Africa, Namibia and Kenya , has only 17 percent of 508 respondents expressed confidence in the Ghanaian economy just ahead of that of Kenya having 16 percent respondents expressing confidence in the Kenyan economy.
VUYOKAZI MABUDE is the head of knowledge and insight for Old Mutual Financial Services Monitor in Ghana and says the company will leverage on the outcomes of the survey to adopt tailored measures to bring more Ghanaians into the insurance and pensions brackets even in the face of the challenges to safe guard the future of the Ghanaian worker in order to avert destitution after retirement and at the event of incapacitation from active work.
“People are incredibly financially stressed, this is due to the fact that their earnings have remained the same or even gotten less. This has led to 61 percent of workers deeping their hands into their savings in order to makes ends meet. What the survey means to us at Old Mutual and other players in the industry is to get to the heartbeat of the people and offer solutions. What we are committed in doing to change the narrative is to enhance public education on the need for long term investments and savings and also the importance of setting goals and priorities in life” she stressed.
Speaking at a breakfast meeting to announce the survey findings, a senior lecturer at the University of Ghana Business School, Dr. Patrick Assuming indicates that the findings are spot on as it reflects the generality of the citizenry vice sersa vice the economy.
He however urges the registrar of companies to enhance mobile registration of informal businesses as government seeks to mobilise more revenue to tackle developmental issues.
“The survey’s out clearly means that there is a lot of room for the industry players to do more business as there are a lot of clients out there who needs to be fetched. There are a lot of Ghanaians who need the services of the insurance and pension providers. It is also an indication that they must work harder to rope in all who are outside their clientele. When a lot more people are educated and brought on board, it means there is more business to be made” he noted.
For his part the Chief Executive Officer of Old Mutual Ghana BIZA TAVONA opined that the study has provided the company with real facts that will allow it structure and strategize its marketing more appropriately.
He further intimated that the continent of Africa is made up of youthful dividends and needs to be courted.
Source: Ghana/Starrfm.com.gh/ Calvin Powell.
