A recent report by Old Mutual has uncovered a significant financial advisory gap in Ghana, revealing that 90% of Ghanaians do not rely on professional financial advisors when making key financial decisions. Even more concerning, 50% of respondents admitted they do not know where to seek financial advice.
Findings from Old Mutual’s Financial Service Report
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, highlighted the lack of financial advisory services as a critical issue.
“Across the market, 90% of people say they don’t have financial advisors. 50% say they don’t even know where to go for financial advice. They rely on word of mouth, television, and radio for financial insights.” – Vuyokazi Mabude
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A “Massive Financial Gap” in Ghana
Mabude described this situation as a “massive financial gap”, emphasizing the urgent need to increase awareness and accessibility to financial advisory services. Without professional guidance, many Ghanaians struggle with financial planning, savings, and investments.
Low Confidence in Financial Decision-Making
The report also revealed that only 21% of Ghanaians feel confident in their financial decisions, particularly in areas like savings and investments.
“The lack of proper financial advice does not only impact decision-making but also affects confidence. Many working Ghanaians feel uncertain about their financial choices due to a lack of expert guidance.” – Mabude
The Need for Financial Literacy and Advisory Services
With the rapid evolution of the financial sector, experts stress the importance of financial literacy programs and professional advisory services to bridge the gap.
Call to Action: Where to Find Financial Advice
If you are looking for professional financial guidance, consider:
- Consulting licensed financial advisors through reputable firms.
- Engaging with financial literacy programs provided by banks and financial institutions.
- Following trusted financial news sources and government-backed financial education initiatives.
For more insights on financial planning, visit Old Mutual’s official website.