Old Mutual Ghana, a Ghanaian leading financial institution, has launched the best offers for insurance cover and investment for all Ghanaians to secure their future.

The Old Mutual Ghana Financial Services is committed to fortifying Ghanaians to overcome their financial challenges, particularly during retirement, and has consistently championed mutually positive futures by offering excellent financial services to a wide range of customers across the African continent.

The institution, on Tuesday, November 22, 2023, held a breakfast meeting at the Kempinski Hotel in Accra to acquaint the patrons and Ghanaians with their remarkable services and findings in the insurance sector.

According to Old Mutual Financial Services Monitor (OMFSM), an annual study which provides financial insights by focusing mainly on employed Ghanaians, less than 1 in 5 consumers express confidence in Ghana’s economy and given the recession’s impact on real income, “a significant portion of the working Ghanaian population (64%) are considerably financially stressed – higher among the lower income group (72%), and those in the informal sector (68%)”.

The survey also revealed that about four (4) in 10 Ghanaians find themselves within what OMFSM terms “sandwich generation” which means they financially support both children and adult dependents. 

They add that 44% of Ghanaians rely on a single source of income and all these create financial stress.

However, saving is important to Ghanaians “with 25% of their household allocation going toward savings” but they hardly save towards retirement.

Retirement savings, according to the study, does not make it to the top set of working Ghanaians’ savings goals, therefore ranked 8th on the top list of savings and this exists “among younger and less affluent consumers” earning less than GHC 3000.

Furthermore, only just over one-third of the respondents of the study indicated “they are actively saving for retirement (37%), and only 7% note having a retirement annuity product. Furthermore, there is low confidence in the adequacy of their retirement savings (18%). Potentially driving the lack of action to save for retirement, is an attitude of dependency on children to provide support when they retire”.

These findings were presented at the breakfast meeting by the Head of Marketing and Communications of Old Mutual Ghana, Rita Boateng.

Also, more than half of Ghanaian workers representing 57% don’t have employee benefits.

Due to all these challenges, the Ghanaian is consistently largely dependent on his or her savings to make a daily living making it difficult for them to insure their future.

“People are using their savings as a way of survival”, the Chief Executive Officer of Old Mutual Ghana, Tavona Biza noted during the meeting.

This is therefore where Old Mutual Ghana steps in to salvage the situation.

Old Mutual Ghana is the right financial company to go to as they provide opportunities for every individual who taps into their insurance package towards retirement to earn monthly benefits that lessen the financial stress on their customers.

This is the only company in Ghana that offers outstanding customer experiences by serving a package that provides regular income for those who utilize their retirement insurance package.

“We have been very deliberate about ensuring that people adequately start to think about retirement…We need to ensure that people have a decent retirement. If people have a decent retirement…the issues of children looking up to their parents, that goes down. If that goes down, the overall economy improves…

“It is something that is liberating that we’ve been doing in terms of trying to make sure that when it comes to retirement, when it comes to continuity…we want to make sure that before retirement, we’ve got the right vehicles” for people to invest in so, by the time they get to retirement, they can enjoy a good life, Mr. Tavona Biza emphasized.

The company provides the best customer services, paying attention to their needs.

“We are the only company right now in this market that there is a call center” to contact at 10 pm on working day “because we understand that people are working but at times…they also have things that they need to do. We have polyjobbers; they are doing more than one job, right. So, if they want to talk to us at 9 pm, then they actually must find us and be able to do that…We have seen that these things have helped in improving the confidence that people have within the financial services industry”, he assured.

Old Mutual Ghana is committed to resolving the financial challenges of people, therefore, every person who wants a sound financial life is encouraged to embrace the unique opportunity of working with this financial institution.

About Old Mutual Ghana

Old Mutual Ghana is Ghana’s top 10 leading financial institution with an innovative record in offering the best in insurance services to more than 16 million customers.

Founded in South Africa, Old Mutual has been consistent in championing mutually positive futures by offering excellent financial services to a wide range of customers across the African continent.

It is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries.

The company established a branch in Ghana in 2013 and operates with a skilled knowledge of the Ghanaian market backed by the expertise of an international brand.

In Ghana, the company is currently made up of Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust.

The company satisfies customer expectations in an efficient and timely manner and has the expertise and efficiency in offering world-class savings, protection, investment and lending solutions which has enabled them to become an adaptive and innovative brand that consumers can trust.

Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana

 

 

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