CS JOHN MBADI now reveals why Kenyans are broke despite the economy doing ‘extremely’ well.

Friday, December 6, 2024 - Treasury Cabinet Secretary John Mbadi has insulted Kenyans for being broke despite the economy doing well.

Speaking while launching the 2024 FinAccess Household Survey Report, Mbadi explained that Kenyans are financially illiterate, which is why they struggle to make money and achieve financial health despite the decline in inflation.

Mbadi revealed that 81.7 per cent, which represents 46 million Kenyans, are financially unhealthy facing challenges in managing daily expenses and investing for the future.

According to the report, only 18.3 per cent representing 10 million Kenyans are considered financially healthy in 2024 down from 39.4 per cent in 2016.

This represents a 21.1 per cent increase in the number of Kenyans who are financially unhealthy compared to the previous year.

Following the revelation of the report, Mbadi questioned who truly benefitted from the financial inclusions, especially after recent reports revealed a lower inflation rate of 2.8 per cent in November.

"This raises critical questions about who truly benefits from financial inclusion and whether current policies and innovations are addressing the needs of the people," Mbadi posed.

According to the Cabinet Secretary, many Kenyans are struggling to make more money because they are financially illiterate.

Mbadi has pointed out that Kenyans don't know where to take their money in investments, savings, and daily spending which explains why they are struggling to make more.

To help Kenyans come out of financial illiteracy, Mbadi called on relevant stakeholders to prioritize financial literacy initiatives to ensure that Kenyans can make informed financial decisions.

The Kenyan DAILY POST