A majority of Kenyans 73 per cent are either in a severe financial distress or struggling to make ends meet pointing to urgent need of correcting the country’s economic situation before things go further south.
- The Infotrak survey-conducted in Kenya’s 47 counties and 8 regions of the country in December,-reveals only 5 per cent of the sampled population are comfortably by managing economic situation.
- 55 per cent are struggling while 18 per cent are in severe financial distress.
- North Eastern, Coast, Central and Rift Valley are four regions classified as either struggling or in a severe financial distress at 78 per cent, 76 per cent, 74 per cent and 73 per cent respectively.
“The hard economic hardships have had various impacts on Kenyans including; increased stress and anxiety (48%), strain on personal relationships (32%), physical health issues (21%), and mental health effects (18%) among others,” notes the study.
“Most Kenyans are pessimistic that the cost of living, school fees, cost of energy, unemployment, the cost of fertilizer, the exchange rate of the dollar against the Kenya shilling will continue to increase in 2024.”
Getting a side hustle (45 per cent) and reducing non-essential expenditure (41 per cent) are the main coping strategies adopted by Kenyans to cope with the economic hardships.
Other strategies adopted by Kenyans in coping up with the economic hardship include taking out loans, utilizing community resources, borrowing money from friends or family, seeking financial counselling, using credit cards, depending on ration and reducing the number of meals per day.
At 49 per cent, Nairobi and Rift Valley rank high in the number of residents seeking additional employment or income sources. Despite the economic hardship, however no one is reducing the number of meals per day in Coast and North Eastern regions. Eastern and Central region tie at 2 per cent in terms of individuals cutting on daily meals to cope.
Among the areas the citizenry would need more support to cope with the economic hardships include; reduction of the high cost of living (26%), creation of employment opportunities (13%), reduction of fuel prices (13%), reduction of education costs (12%), and reduction of the high taxation (12%).
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