Nearly 30 percent of working Ghanaians are turning to gambling and sports betting as a means of coping with daily living expenses and debt obligations, despite signs of improving income levels and easing economic pressures.
This was revealed in the latest Old Mutual Financial Wellness Monitor report, which highlights a cautious economic recovery alongside continuing financial insecurity among households.
According to the report, 37 percent of respondents indicated that they are earning more income compared to a year ago, a significant increase from the 22 percent recorded in 2023.
However, the report noted that many Ghanaians remain financially vulnerable despite the gains in income levels.
It found that 39 percent of respondents are worried about losing their source of income, while 53 percent said they could run out of money within three months if they were to lose their jobs or income streams.
The findings suggest that although macroeconomic conditions and consumer confidence are gradually improving, a large number of households still lack sufficient financial reserves to withstand economic shocks.
To cope with income instability, many Ghanaians are increasingly diversifying their earnings through side jobs and freelance work.
The report revealed that 27 percent of working Ghanaians are now engaged in multiple income-generating activities, commonly referred to as “poly-jobbing,” up from 21 percent in 2024.
Young people between the ages of 20 and 29 are leading the trend, with 32 percent reporting additional income streams, largely driven by limited employment opportunities and growing financial responsibilities.
The report underscores the continued pressure on households amid rising living costs and the search for alternative sources of income to maintain financial stability.
Source: www.kumasimail.com
