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Newsunplug Kenya > Blog > Lifestyle > 63% Of Kenyans Taking Loans Due To Cost Of Living
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63% Of Kenyans Taking Loans Due To Cost Of Living

hallanaija
Last updated: March 21, 2024 11:27 am
hallanaija
1 year ago
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A report commissioned by mobile money lender app Tala now shows that most people opting for mobile loans are struggling with the high cost of living.

The report dubbed the “MoneyMarch Report” shows that 63 per cent of borrowers are taking loans because of the COST of living.
About 7 in 10 (72 per cent) of consumers claiming that their financial situation has not improved, this points to the conclusion that they are generally going through several financial challenges, top of which is ‘cost of living expenses’,” the report reads in part.

Other financial challenges highlighted include; expenses that are higher than income, unexpected medical emergencies, income delays and seasonal expenses such as school fees.

Tala adds that entrepreneurs face low capital, losses, a shortage of supplies for their businesses, and clients who take their time to pay for services are all problems, pushing them to take out loans.

Consumers were surveyed to find out how loans cushioned them from rising living costs.

The report also revealed that at least two-thirds of Kenyans, 64 per cent of those in full-time employment, engage in side hustles to cope with the hard economic times.

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“The rising cost of living experienced over the last year has pushed the full-time employed consumers from their comfort zones to earn an extra shilling,” the report says.

There has, however, been a decline in number of those with other sources of income in the last three years.

In 2022, for example, those who had other sources of income were at 80 per cent before it dropped to 70 per cent in 2023.

In 2024, the number is at 58 percent.

“The rising cost of living could have led to closure of some businesses because of prioritization of personal expenses over investing in business,” the report further states.

Those with full-time jobs have over the last three years declined.

While their numbers represented 68 per cent in 2022, this continued to drop to 57 per cent and 55 per cent respectively in 2023 and 2024.

Kenyans with businesses as their main source of income have also been on the decline in the last three years, compared to 26 per cent in 2022 the numbers are at 19 per cent in 2024.

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In 2023, their numbers were at 28 per cent.

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