Nairobi: Thirty percent of working Kenyans are earning more than they did a year ago, showcasing resilience and adaptability in the face of economic challenges. Kenyans are creating additional income streams, expanding businesses, and expressing optimism about their financial futures.
According to Kenya News Agency, the latest Old Mutual Financial Wellness Monitor indicates that 7 in 10 Kenyans expect their financial situation to improve in the next six months despite 43 percent experiencing significant financial stress. The study highlights that 91 percent of Kenyans have set savings goals, with 20 to 29-year-olds showing notable optimism.
The Wellness Monitor, assessing the financial health of working Kenyans, reveals a rise in financial satisfaction from 5.2 out of 10 in 2024 to 5.9 in 2025. The data shows that 47 percent of respondents own or co-own businesses, with many others engaging in side hustles. Arthur Oginga, Old Mutual Group CEO, noted that Kenyans are actively seeking economic recovery through innovation and adaptation, despite ongoing financial strain and rising living costs.
Oginga also highlighted that 40 percent of Kenyans are borrowing to cover daily expenses, with 54 percent carrying the same or higher debt levels compared to last year. Vuyokazi Mabude, Head of Knowledge and Insights at Old Mutual, emphasized that while Kenyans are resilient and entrepreneurial, there is a need for enhanced financial literacy and planning support to ensure sustained progress.
The report offers detailed insights into financial behaviors and sentiments, revealing that financial satisfaction has rebounded among employed Kenyans aged 20 to 59 earning at least Ksh 12,000. Key drivers of financial well-being include comfort with one’s financial situation, effective debt management, the ability to save, and improved business performance.
Dr. Tabitha Njuguna from Strathmore University Business School noted a shift from passive financial behavior to active financial intent among Kenyans. The monitor also found that income security remains a top financial priority, with many focusing on cutting expenses, ensuring safe investments, paying off debt, and building emergency funds.
The study indicates a rise in individuals juggling multiple jobs, with 26 percent now engaged in part-time work. Furthermore, 46 percent of working Kenyans support both children and adults, with a notable increase in those falling behind on rent and dipping into savings.
Justina Vuku, an investment analyst at Old Mutual Investment Group, pointed out that Kenyans are adjusting to rising costs by opting for more affordable housing and brands, and in some cases, moving children to less expensive schools. The monitor highlights that 40 percent of the population relies on loans for daily expenses, with mobile loans being the most common form of credit.
Japheth Ogalloh, Managing Director of Old Mutual General Insurance Kenya, emphasized the need for the financial sector to focus on protecting progress and providing accessible financial education. The Old Mutual Financial Wellness Monitor, conducted in October 2025, provides a comprehensive overview of the financial attitudes and behaviors of Kenyans, aiming to offer insights into their journey towards financial well-being.
