80% of Working Kenyans Earn the Same or Less Than Last Year.
A recent study indicates that 80% of employed Kenyans are earning either the same amount or less compared to the previous year. This trend highlights the financial strain that many individuals face in managing daily expenses as the cost of living continues to rise.
The findings stem from the second edition of the Old Mutual Financial Services Monitor, which evaluates Kenyans’ overall financial well-being over a one-year period. Conducted by Old Mutual Financial Services in partnership with IFS Consulting, the study provides insights into the economic challenges affecting citizens.
The report also reveals that a growing number of Kenyans are now turning to mobile money lending platforms instead of traditional community savings groups, known as chamas, which have historically played a dominant role in financial support.
This shift reflects the evolving financial behaviors of individuals as they adapt to changing economic conditions. The study analyzes various aspects of consumer decision-making, particularly in response to economic fluctuations.
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Another significant finding is the widespread lack of financial guidance, with eight out of ten people not receiving any form of financial advice. This highlights the urgent need for financial education and advisory services.
Despite these challenges, many Kenyans are still seeking opportunities to save, invest, and access credit, showing resilience in the face of financial hardships. The study underscores the importance of structured financial planning to navigate the current economic landscape effectively.
80% of Working Kenyans Earn the Same or Less Than Last Year.
