A new report by the Old Mutual Financial Wellness Monitor reveals that 30% of working Kenyans are earning more than they did a year ago, highlighting the resilience and adaptability of the country’s workforce amid ongoing economic challenges.
The study shows that many Kenyans are diversifying their income streams: 47% now own or co-own a business, while 26% juggle multiple part-time jobs—an increase from 20% in 2024. Among these “poly-jobbers,” a quarter earn more from side hustles than from their primary employment.
Old Mutual CEO Arthur Oginga observed, “Kenyans are not waiting for the economy to improve. They are actively engineering their own recovery, adapting, innovating, and finding new ways to improve their financial position.” The report notes that 91% of Kenyans now have specific savings goals, reflecting a behavioural shift towards proactive financial planning.
Despite this progress, financial pressures remain significant. Rising living costs, mounting debt, and broader financial responsibilities continue to strain households. The study shows that 40% of Kenyans borrow to cover daily expenses, 54% carry the same or higher debt than last year, and 46% regularly overspend their budgets.
The “sandwich generation”—those supporting both children and adult relatives—accounts for 46% of the workforce, with 79% financially assisting parents and 49% supporting siblings. Challenges in meeting housing and utility payments have increased, with 25% behind on rent and 28% falling behind on bills.
Nevertheless, some improvements are evident. Over half of respondents (53%) now have savings to cover at least three months of expenses, up 9 percentage points from 2024. Financial satisfaction also rose from 5.2 to 5.9 out of 10, with 70% optimistic about the next six months.
Dr. Tabitha Njuguna of Strathmore University Business School noted, “What we are seeing is a shift from passive financial behaviour to active financial intent. Kenyans are working harder and setting goals, but they need the right tools, advice, and protection to translate this resilience into long-term financial security.”
The report emphasizes that income security remains the top financial priority, followed by cutting expenses, safe investments, debt repayment, and building emergency funds. While progress is notable, experts warn that sustained support in financial literacy, savings discipline, and retirement planning is essential to ensure long-term financial stability for Kenyans.
