NAIROBI, Kenya, Jan 22 – 73 percent of Kenyans are currently in severe economic hardship situations and struggling to make ends.
According to a recent report released on Monday by Infotrak Voice of the People Poll, the majority of Kenyans have been forced to engage in side business and reduce their daily spending in order to cope up with the situation.
InfoTrak research manager Johvine Wanyingo stated that 18 percent are in severe financial distress with only 5 percent managing the situation comfortably.
“We wanted to find out how Kenyans are coping with economic adversity that we are facing as a country and a majority of 73 percent of Kenyans are either in severe economic situations currently or are struggling to make ends meet.” he said.
78 percent of residents in the North Eastern part of the country topped the list of Kenyans in severe Financial distress ,followed closely by the coast region at 76 percent ,Central 74,and Rift valley 73.
The research which was conducted in December 18 and 19 , 2023 also depicted that 45 percent of Kenyans have sought additional employment to get extra sources of income as a coping strategy with 41 percent cutting back on non -essential expenses.
18 percent of Kenyans opted to take loans while 15 percent borrowed money from friends and family to cope with the economic hardships.
“There are Kenyans now working both daytime and night just to cope with the harsh financial situations they are experiencing .Some are running some side businesses to earn extra income while others have reduced their expenditure in their households,” he stated.
The report indicated that the hard economic hardship had various impacts on Kenyans including Physical health issues, strain on personal relationships, increased stress level and anxiety.
“The hard economic situation has increased stress level and anxiety among Kenyans by 48 percent, 32 percent caused strains on personal relationships with 21 percent having physical health issues. The government ,family and friends have become a source of assistance in helping relatives meet their livelihoods,’’ he added.
The majority of the 1500 Kenyans who were polled across the 47 counties expressed pessimism on the challenging economic climate in 2024.
They stated that unemployment rate, cost of education, dollar exchange rate against the Kenyan shilling and cost of energy will increase this year.
Kenyans expressed the need for government support to cope up with the tough economic periods with 26 percent of Kenyans urging the government to lower the high cost of living by reducing taxes ,creating employment opportunities and offering great support to the Agricultural sector.
The survey which was conducted between 18 and 19 December 2023, was guided by census report 2019 .
