KPMG asserts that there’s a rising interest in options like mutual funds
A recent survey by KPMG, an auditing firm, has revealed a cautious approach to investment among Ghanaians.
The report highlighted the need for banks to play a more active role in educating the public on diverse financial products.
While stability and guaranteed returns remain primary concerns, the study indicates a growing appetite for alternative investments and a willingness to take calculated risks, particularly among younger demographics.
The survey found that many Ghanaians prioritize stability and guaranteed returns due to economic uncertainties, leading them to favour traditional savings methods.
However, there’s a rising interest in options like mutual funds, commodities, and even stocks, suggesting a potential shift towards more diverse portfolios.
“The hesitancy of Ghanaians to adopt these investment options highlights the need for banks to provide education and solutions to bridge knowledge gaps and demystify complex financial products,” the report said.
Despite a willingness among 34 percent of respondents to take risks with investments, higher-risk instruments like stocks and bonds remain underutilized, pointing to a lack of confidence and understanding.
This underscores the crucial role banks can play in providing financial literacy and guidance.
The survey also revealed that financial planning was considered the most important service by 71 percent of respondents across all age and income brackets.
The report noted that a significant 59 percent had actively engaged in self-education and skill development in the past year, often leveraging technology and online platforms.
This according to the report indicates a population eager to learn and improve their financial standing.
Banks are being urged to capitalize on this eagerness by offering accessible and comprehensive educational programmes.
According to the auditing firm, these initiatives could help bridge the knowledge gap, build trust, and ultimately encourage more informed investment decisions.
It noted that banks could empower Ghanaians to take control of their financial future and contribute to a more robust and diversified investment landscape.
The report suggested that this approach would benefit individuals and strengthen the overall economy.
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