70% of working Kenyans dissatisfied with financial situation, report shows
A recent report titled 2024 Financial Services Monitor by Old Mutual shows 70% of respondents expressing dissatisfaction with their current financial conditions.
The study highlights a significant decline in income for a large portion of the population, with 70% indicating a drop in earnings.
"In the latest study, working Kenyans are less satisfied with their overall financial situation than they were in 2023. Less than 3 in 10 are satisfied. 47% agree (strongly or slightly) that financial stress is badly affecting their mental health," the report indicates.
Notably, 47% of those surveyed reported that financial stress negatively impacts their mental health, compounded by the financial obligations they face from dependents.
The impact of this financial strain is evident, as 70% of Kenyans find themselves without emergency savings by the end of each month. Yet, amid these challenges, a notable 60% of individuals maintain an optimistic outlook regarding their financial prospects in the coming six months.
The primary drivers of this dissatisfaction include an inability to meet basic needs, rising living costs, sluggish business performance, unstable financial situations, and difficulties in saving.
The research focuses on employed adults aged 20 to 59, earning at least Sh12,000 (about $92.84 US), representing about 63% of the population aged 15 to 64.
"63 per cent from a personal perspective, Kenyans remain optimistic, as 6 in 10 working Kenyans expect their financial situation to improve in the next 6 months," the report says.
Old Mutual is a pan-African investment, savings, insurance, and banking group.
