Half of Kenyan workers stressed over money problems, report
A new report shows that nearly half of employed Kenyans are highly stressed, mainly because of money problems.
Many are earning less, and their income is not enough to cover expenses.
The study, done by investment firm Old Mutual, found that 70% of Kenyans have seen their incomes drop in 2024.
Only three in 10 can afford their basic needs and still have money left at the end of the month. Most people are turning to mobile loans, borrowing from friends, or getting help from savings groups to survive.
Confidence in the economy has also fallen, according to the report with rising food prices, high taxes, unemployment, and a tough business climate.
As a result, many Kenyans are changing how they spend money. Some are moving to cheaper houses, sending children to more affordable schools, or cutting back on dining out and entertainment. Others have started small businesses to earn extra income.
About half of Kenyans now own a business, but most of these businesses are not insured, leaving them at risk if something goes wrong.
Even with financial struggles, many people still think saving for the future is important. More Kenyans are now saving for retirement compared to last year, but confidence in having enough for old age has dropped sharply.
According to Old Mutual’s East Africa CEO, Arthur Oginga, the traditional ways of making money and running households are no longer enough.
More people are finding new ways to survive, like running small businesses or offering services such as tutoring and food delivery instead of relying on regular jobs.
