A 2023 report released by Old Mutual indicates that 43 percent of Ghanaians are ill-prepared to undertake any form of financial risk.
This lack of readiness is attributed to a general reluctance among citizens to engage in financial risk-taking.
The report, titled the Old Mutual Financial Services Monitor, specifically highlights the impact of the government’s Domestic Debt Exchange Programme on the financial sector as a contributing factor.
The survey conducted for the report revealed that only 24 percent of the sampled Ghanaians were open to taking significant financial risks with the expectation of substantial returns.
Additionally, approximately 19 percent were identified as individuals willing to take above-average financial risks for above-average returns.
“Similarly, those who take above-average financial risks expecting to earn above-average returns are about 19%,” the report said.
Another significant finding from the Old Mutual report is that seven out of 10 working Ghanaians do not seek the services of a financial adviser for counsel on their finances. Consequently, around 46 percent expressed uncertainty about whom to turn to for financial guidance.