Majority of Kenyans are broke and struggling to survive as the harsh economic times continue to hit many households, the latest research by Infotrak Research and Consulting says, blaming the dire situation on the rising cost of living.
The research shows that over 73% of Kenyans are currently in dire economic distress. The poll, released on Monday January 22, 2024, cites the high cost of living, higher taxation, unemployment and low farm yields as some of the issues making life difficult for Kenyans.
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Other things chewing Kenyans incoming include increased fuel prices, high cost of education, high interest rates on loans as well as lack of proper and affordable healthcare. Insecurity, poverty, corruption, drug and substance abuse, poor infrastructure have also been named.
Of those surveyed, 18% said they are in severe financial distress, with another 55% indicating they are struggling to make ends meet, with only 5% saying that they are comfortably managing.
These economic hardships have also had various impacts on Kenyans. About 48% of those surveyed said they have been experiencing increased stress and anxiety, 32% have had strain on personal relationships, 21% have had physical health issues and 18% have had mental health effects.
In terms of regional representation, the Infotrak argues that the regions most affected are those of North Eastern, Coast, Central and in the Rift Valley where 78%, 76%, 74% and 73% of those surveyed respectively, agreed that the harsh economic times had put a stress on their lives.
Pushed to the wall, Kenyans, in their usual style, are fighting back to counter the hard times. They are getting into side-hustles and reducing non-essential expenditure.
Of those surveyed, 45% said that they are engaged in a side hustle to supplement their income, 41% have reduced their expenditure on non-essentials, while another 8% have taken out loans to fill the gaps.
On the other hand, some Kenyans are finding relief from family and friends and government assistance programs.
“Kenyans would need support from the government to cope with the economic hardships. 26% recommend reduction of the cost of living. 13% suggest creation of more employment opportunities and reduction of fuel prices. 12% suggest reduction of the cost of education and the reduction of the high taxation,” Infotrak says.
Additionally, most Kenyans are pessimistic that things will get tougher in 2024. The poll 67% think school fees will increase, while 56% think unemployment will increase. Also 52% the Dollar Exchange rate against the Kenyan shilling will increase and 51% think the cost of Energy will increase.
