Despite growing awareness of investment products, most Ghanaians save only a small fraction of their income, according to new survey data.
The Ghana Earnings & Savings Survey 2025 found that 35% of people save just between 1 and 10% of their disposable income, while another 24% manage to save slightly more – between 11 and 20%. On the brighter side, 12% have been able to tuck away over 30% of what they make. But it’s worrying to see that 12% of folks aren’t saving anything at all.
What is holding people back?
The reasons are quite simple. Nearly half (46%) say the high cost of living is their biggest challenge when it comes to saving money. Another 28% complain that their income just isn’t enough. Family and cultural responsibilities also weigh heavily – 14% point out that caring for dependents and supporting relatives leave little room for saving.
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It is obvious that people understand the importance of saving, but after paying for rent, food, transport, and other basics, very little is left to put aside.
What does this mean for you?
If most people are saving less than 20% — and many under 10% — it means the average Ghanaian household is one medical bill, job loss, or rent increase away from serious financial stress. There’s no cushion.
Ambitions like buying land, building a home, starting a business, or even retirement planning become difficult. With savings low, those goals are pushed further into the future or left unrealized.
When savings are weak, people are more likely to borrow — often at high interest — to cover emergencies or make investments. This can trap households in debt.
Tighter Safety Nets
The report also sheds light on how fragile people’s financial security is. Almost one in four (23%) don’t have any savings at all for emergencies. Another 31% can only sustain themselves for one to three months if their income suddenly stops. Just 13% can claim they have saved enough to cover a whole year.
Half of participants reported having ₵10,000 or less in total savings, meaning many families don’t have the buffer they need to handle sudden expenses—whether it’s rising prices, urgent medical bills, or losing a job.
Education vs. real-life practice
Interestingly, the survey found that 80% of respondents hold a university or postgraduate degree. Many are also aware of financial products like stocks, fixed deposits, and mutual funds. Despite all this knowledge, it’s not translating into consistent saving habits.
Financial education may be important, but if the cost of living stays high and incomes don’t increase, it’s difficult for people to grow their savings.
Survey Methodology
A random sampling technique for representation was utilized across all 16 regions in the country. Using a Computer-Aided Personal Interview (CAPI) and Online Data Collection, a sample size of 1,255 respondents was engaged.