78 per cent of Kenyans have reported lower incomes in 2024 than a year ago, highlighting the dire economic situation facing the workforce across the country.
This is according to a report titled 2024 Financial Services Monitor by Old Mutual that explored the financial status of employed Kenyans, primarily focusing on those aged 20 to 59.
The findings painted a picture of disgruntled Kenyans who endure financial struggles in their day-to-day lives.
According to the report, 34 per cent of Kenyans earn about the same as before while 22 per cent earn more than they did in 2023.
Some of the financial struggles facing working Kenyans included high cost of living, tough business environment, unpredictable financial situation and inadequate income.
Further, 4 in 10 Kenyans remain highly stressed owing to financial hurdles while 15 per cent feel overwhelmed due to their responsibilities. This resulted in more than half of Kenyans worried about losing their jobs.
“Financial dependency remains substantial. There is significantly more households that have children (80 per cent) which, once again, highlights the financial burden placed on income generators,” the report read in part.
In response to these financial challenges, many Kenyans have adopted cost-cutting measures by either downsizing their living arrangements, opting for cheaper brands, moving children to more affordable schools, and cutting back on discretionary expenses such as dining out, entertainment, and travel.
Additionally, 63 per cent of Kenyans expect their financial situation to improve in the next 6 months. This is either through improved business conditions, better jobs and more investment opportunities.
