Assessing the Awareness Level of Collective Investment Schemes Among Formal Workers in Ghana

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Ashesi University
Workers dream of a happy retirement after work. Therefore, workers need to plan adequately and ensure that they can meet their future needs after retirement. Currently, all Ghanaian formal workers are mandated to make monthly SSNIT contributions throughout their working life till they retire. However, the SSNIT payments are not enough to maintain the lifestyle and cater for the needs of workers after retirement. The study discusses Collective Investment Schemes as an alternative source of income which can help workers with retirement. The research explored the awareness level of the fund schemes among formal workers using questionnaires and google forms. The findings revealed that the majority of formal workers were aware of fund schemes. Despite this, nearly half of formal workers do not invest in the fund schemes due to a lack of proper understanding. Alternatively, investors in fund schemes considered safety and returns before investing. The Pearson’s Chi-square test revealed that there was a significant relationship between educational level and the awareness level of fund schemes among formal workers. The findings reveal that mutual fund agencies need to market their products better for workers to have a full understanding to invest in them. Additionally, formal workers should have alternative sources of income to supplement their salaries and invest towards having a good retirement. SSNIT contributions should be channelled into fund scheme accounts in order to grow the income of workers to help with their retirement.
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, May 2022
Tetteh, P. Y. E. (2022). Assessing the Awareness Level of Collective Investment Schemes Among Formal Workers in Ghana. Ashesi University, Berekuso. 70pgs.