Stress levels are on the rise, with nearly half of Kenyan workers reporting significant stress. This is according to a report released by financial services provider Old Mutual.
The ‘Old Mutual Financial Services Monitor 2024‘ report released on Wednesday shows that 47 percent of consumers say that financial stress affects their mental and physical health.
Even with financial stress affecting their health, the report only 56% of working Kenyans have medical or health insurance. It also reveals that only one in every ten working Kenyans save towards their medical and health expenses.
Among factors that may lead to financial stress is the fact that more than 70 percent of working Kenyans reported a decline in their incomes in 2024 compared to 2023.
Many were forced to take loans and find side hustles to supplement their income. Cutting down on expenses and particularly budgeting, were some of the ways consumers used to manage their household finances.
“The 2024 results paint a picture of working Kenyans who are further financially strained. This has caused consumers to be more prudent about how they handle their finances,” read the report.
“The challenging economic environment has not deterred Kenyans from looking after their future. They are doing this by prioritizing saving for their family’s future, having medical insurance in place, and more focus on retirement savings,” it continued to read.