Wednesday, December 4, 2024 - A new survey conducted by FinAccess has shown that 81.7 per cent of Kenyans are financially unhealthy, facing challenges in managing daily expenses and investing for the future.
The research found out that
Kenyans opted to cut down on other expenses, run down savings, look for
additional work or business, and take another loan to repay all in a bid to pay
back debts.
Worse still, the report
discovered that the most popular action to repay debt is by reducing expenses
on food with women surpassing men by recording 63.0 per cent and 57.1 per
cent respectively.
“The least sought action to pay
is by selling or giving assets and belongings, which saw females record 20.7
per cent and males 23.1 per cent,” read part of the report.
According to the report, men are more willing to part with their assets and belongings as compared to women.
Overall, it noted a troubling
decline in financial health, with only 18.3 percent of Kenyans 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 last few years.
The report shows that most Kenyans
have resorted to borrowing to survive and as debt repayment catches up with
them; they are reducing food expenditures to pay back loans.
The Kenyan DAILY POST
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