Treasury Bills Dominate as 43% of Gen Z in Ghana Hold No Investments — KPMG Survey

Treasury bills continue to lead as the preferred investment option among Ghanaians, while a significant portion of young people remain outside the investment space, according to the KPMG 2025 West Africa Banking Industry Customer Experience Survey.

The report indicates that 25 percent of respondents favour treasury bills, while 11 percent prefer fixed or term deposits. However, a concerning 43 percent of Generation Z respondents said they have no investments.

These findings point to a cautious investment environment shaped by persistent economic uncertainty. Many households are prioritising capital preservation over higher-risk returns, with treasury bills attracting strong interest due to their stability and predictable income.

Generational patterns reveal notable differences in investment preferences. Among individuals aged 60 and above, 32 percent prefer commodities such as precious metals, while 30 percent opt for treasury bills  reflecting a preference for tangible and secure assets.

Millennials are also showing declining participation in investments. About 35 percent reported having no investments, rising from 32 percent in 2024 and 17 percent in 2023. Among those who invest, 28 percent favour treasury bills.

Generation Z demonstrates the highest level of disengagement, with 43 percent reporting no investments. The survey attributes this trend partly to reliance on flexible income streams and side hustles to meet daily expenses, leaving limited funds for long-term financial planning.

Overall, the report highlights two major trends: a shift toward safer investment options among active investors and a widening participation gap among younger people  a development that could affect savings mobilisation and the growth of Ghana’s capital markets over time.