An understanding of baby boomers' attitudes toward financial services products in Ghana

Abstract

This study employed a self-completion questionnaire to determine the financial needs and specific market characteristics of baby boomers (BBs) in Ghana. The results reveal that BBs are financially savvy and conscious of where to live after retirement. Due to low income and overreliance on families in time of sickness, life insurance is not often purchased. The respondents choose a bank that offers efficient customer services and low rates of interest on loans, and do not perceive long-term investment to be profitable. The most effective forms of communication are radio, TV, and word of mouth.