A growing number of working Ghanaians are relying on gambling and sports betting as a financial lifeline, with nearly three in ten using it to cope with rising living costs and debt pressures.
The latest Old Mutual Financial Wellness Monitor reveals that while the economy may be showing signs of recovery, financial vulnerability remains widespread among households.
According to the report, 37 percent of respondents said their incomes have improved over the past year, a notable rise from 22 percent in 2023. Yet many workers continue to live without adequate financial security.
The study found that 39 percent of respondents fear losing their source of income, while more than half — 53 percent — said they could run out of money within three months if they became unemployed.
These findings point to a lingering sense of uncertainty despite improving macroeconomic conditions and growing consumer confidence.
To survive the pressure, many Ghanaians are increasingly taking on side jobs and freelance work to supplement their earnings. The report states that 27 percent of workers are now earning income outside their main jobs, up from 21 percent last year.
The trend is particularly strong among younger people. About 32 percent of Ghanaians aged 20 to 29 reported having multiple income streams, driven largely by unemployment challenges and increasing financial demands.
