24% of Ghanaians willing to embrace substantial financial risks for high returns, says Old Mutual Financial Services
A comprehensive assessment by the 2023 Old Mutual Financial Services Monitor has unveiled intriguing insights into the financial behavior of Ghanaians. Notably, 43% of respondents showcase a pronounced aversion to financial risk, opting for low-risk investments—a trend attributed to the reverberations of the Domestic Debt Exchange Programme within the financial sector.
Contrastingly, 24% of participants display a bold appetite for substantial financial risks, driven by the anticipation of lucrative returns. Similarly, 19% engage in above-average risk ventures in pursuit of enhanced financial gains.
A striking revelation emerges regarding financial advisory services, with a staggering seven out of 10 working Ghanaians bypassing professional guidance in their financial decision-making processes. This trend underscores a significant gap in advisory utilization within the Ghanaian populace.
Navigating financial uncertainties poses a challenge for many, as highlighted by 46% of respondents expressing uncertainty regarding their financial support networks. Meanwhile, over half of working Ghanaians are involved in entrepreneurial endeavors, albeit primarily in small or micro-sized businesses.
Notably, self-reliance characterizes the funding strategies of many Ghanaian business owners, as they predominantly rely on personal savings, profits, and investments for business sustenance. Limited access to credit further underscores the prevailing self-sufficiency ethos among Ghanaian entrepreneurs, with only 11% securing funding from financial services providers.
