A majority of Kenyans (73 per cent) are either in severe financial distress or struggling to make ends meet, new research by Infotrak has revealed.
According to the research, 18 per cent of Kenyans are in severe financial distress while 55 per cent are struggling to make ends meet.
Statistics show that only five per cent of Kenyans are managing to live comfortably.
A majority of Kenyans depend on family and friends to help them overcome hard economic times.
“Family and friends and Government assistance programs are the most helpful resources and support systems to deal with the economic hardships,” the Infotrak report noted.
48 per cent of Kenyans felt that family and friends have been the most helpful while 24 per cent feel government assistance programs have been the most helpful.
19 per cent cited support from non-governmental organisations (NGOs).
Infotrak on the future
The research found that most Kenyans are pessimistic that things will get tough in 2024.
67 per cent think school fees will increase while 56 per cent of Kenyans think unemployment will
increase. 52 per cent believe the dollar exchange rate against the Kenyan shilling will increase.
51 per cent think the cost of energy will increase.
“Kenyans would need support from the government to cope with the economic hardships,” Infotrak added.
Further, 26 per cent recommend a reduction in the cost of living while 13 per cent suggest the creation of more employment opportunities and a reduction of fuel prices.
12 per cent suggest a reduction of the cost of education and a reduction of the high taxation in the Kenya Kwanza regime.
Coping with hard times
In order to cope with the hard economic times, most Kenyans are getting a side hustle and reducing
non-essential expenditures.
45 per cent of respondents are engaged in a side hustle to supplement their income while 41 per cent have reduced their expenditure on non-essential.
18 per cent have taken out loans to fill the gaps.
