Nearly half of Generation Z workers in Ghana report having no investments at all, marking a widening and concerning divide in investment behaviour across age groups, according to KPMG’s 2025 West Africa Banking Industry Customer Experience Survey.
The survey findings reveal that for older Ghanaians, especially those aged 60 and above, investing remains a priority shaped by experience. This group overwhelmingly favours stability, with 32 percent investing in commodities such as precious metals and 30 percent placing their money in treasury bills.
KPMG indicates that this generation prioritizes tangible assets, predictable returns, and capital preservation in uncertain times. Older respondents, particularly those aged 60 and above, favour commodities such as precious metals and treasury bills, aligning with a preference for tangible and stable assets, the report noted.
However, younger generations, Millennials and Generation Z, show a very different story. The survey revealed that among Millennials, more than one third, 35 percent, report having no investments at all. What makes this concerning is that this figure has steadily risen from 17 percent in 2023 to 32 percent in 2024.
Even among those who do invest, choices remain conservative, with 28 percent opting for treasury bills. The picture is even starker for Generation Z. Nearly 43 percent of respondents in this age group say they have no investments whatsoever, representing the highest level of disengagement across all generations.
Rather than formal investment vehicles, Generation Z respondents lean toward immediate, flexible income streams, side hustles, short term gigs, and daily cash flow to cope with rising living costs and economic uncertainty.
Millennials show lower participation, with 35 percent reporting no investments, a marginal increase from 32 percent in 2024 and 17 percent in 2023, signalling a concerning decline in engagement. Among Millennials who do invest, 28 percent opt for treasury bills. Generation Z showed the highest disengagement, accounting for 43 percent of respondents reporting no investments at all, highlighting a generational gap in financial planning and investment orientation, the report revealed.
This means that while older Ghanaians focus on securing the future through stable investments, younger generations appear trapped in survival mode, prioritising today’s expenses over tomorrow’s security.
This disengagement is partly explained by Generation Z’s preference for immediate and flexible income sources such as side hustles to manage day to day expenses and mitigate economic uncertainty, leaving limited surplus income for long term investment vehicles, the report further stated.
The KPMG survey examined banking customers across West Africa, analyzing spending patterns, savings behaviour and financial priorities. Ghana specific data was extracted to understand local market dynamics and generational differences within the country.
Financial analysts say this trend, if left unaddressed, could have long term consequences for wealth accumulation, retirement readiness, and overall financial resilience. The challenge now is not just access to investment products, but restoring confidence, surplus income, and a culture of long term planning among Ghana’s younger population.
Despite early signs of macroeconomic recovery in Ghana, with inflation falling significantly during 2025 and the cedi stabilising, investment behaviour among younger generations remains cautious and disengaged. Economic factors including limited employment prospects, housing affordability challenges and memories of recent economic hardship contribute to younger workers’ reluctance to commit resources to long term savings.
The survey suggests that banks and financial institutions need to develop investment products tailored to the realities of younger customers, including lower entry thresholds, flexible withdrawal options, and clearer financial education programmes that demonstrate the value of consistent investment over time.
