43% of Ghanaians not ready to take any form of financial risk – Report

A 2023 report published by Old Mutual has found that 43 percent of Ghanaians were not well prepared to undertake any form of financial risk.

The development is attributed to low-risk inclination on the part of citizens to take any financial risk of any kind.

The report which is dubbed as the Old Mutual Financial Services Monitor further pointed the impact of government’s Domestic Debt Exchange Programme on the financial sector as its reasons.

It however noted that only 24 percent of Ghanaians sampled in its survey were willing to take substantial financial risk with the view of getting large returns on them.

“Similarly, those who take above-average financial risks expecting to earn above-average returns are about 19%,” the report said.

The Old Mutual report also revealed that seven out of 10 working Ghanaians do not deploy the services of a financial adviser to provide counsel on their finances.

Consequently, about 46 percent of Ghanaians expressed that they were not certain on who to turn towards to in terms of their finances.

MA/NOQ

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