Nearly 30% of Working Ghanaians Turn to Betting to Cope with Financial Pressure – Report

Nearly 30 percent of working Ghanaians are increasingly relying on gambling and betting as a means of surviving mounting financial pressures, despite recent improvements in income levels and easing economic conditions.

This was revealed in the latest Old Mutual Financial Wellness Monitor, which highlights a cautious economic recovery alongside persistent financial vulnerability among many households.

According to the report, 37 percent of respondents indicated they are earning more than they did a year ago, a significant rise from 22 percent recorded in 2023. However, the study suggests that higher incomes have not fully translated into financial security for many citizens.

The report found that 39 percent of Ghanaians remain concerned about losing their source of income, while 53 percent said they would exhaust their savings in less than three months if they lost their jobs or primary income streams.

The findings point to a situation where, despite improving macroeconomic conditions and growing consumer confidence, many households continue to lack sufficient financial reserves to withstand economic shocks.

To cope with income instability, more Ghanaians are seeking alternative sources of income through side jobs and freelance work.

The report noted that 27 percent of working Ghanaians are now classified as “poly-jobbers” individuals earning additional income outside their main employment up from 21 percent in 2024.

Young people are leading this trend, with 32 percent of Ghanaians between the ages of 20 and 29 reporting multiple income streams, largely due to limited employment opportunities and increasing financial responsibilities.