Summary:
- An Infotrak poll discloses that 73% of Kenyans are either in severe financial distress or struggling to make ends meet, with the Central and Rift Valley regions being the most affected.
- Coping strategies include engaging in side hustles, reducing non-essential expenditures, and taking out loans, as Kenyans express pessimism about the economic outlook in 2024.
Jan 23, (TopNews) – The economic strain on Kenyans is evident, as revealed by an Infotrak poll released on Monday. The survey highlights that a significant 73% of the population is grappling with severe financial distress or struggling to meet their basic needs, with the Central and Rift Valley regions experiencing the most significant challenges.
Breaking down the statistics, the poll indicates that 18% of Kenyans are in severe financial distress, 55% are struggling to make ends meet, and only 5% are managing comfortably.
Keep Reading:
- Ruto provides a fresh directive to all teachers in the wake of the Ksh62 Billion disbursement.
- Raila Criticizes Chief Justice Koome Over Meeting with Ruto at State House
- Faces Of The US Presidential Race: In-Depth Analysis Of 2024 Candidates
Regionally, North Eastern leads with 78%, followed by Coast at 76%, Central at 74%, and Rift Valley at 73% in terms of individuals facing financial hardships.
To navigate these tough economic times, a majority of Kenyans have resorted to side hustles and cutting down on non-essential expenses.
The poll notes that 45% of respondents have engaged in side hustles, 41% have reduced spending on non-essentials, and 18% have resorted to taking out loans to bridge financial gaps.
The survey also captures the prevailing pessimism among Kenyans regarding the economic outlook in 2024. Many anticipate an increase in unemployment and rising school fees.
Despite President Ruto’s assertions that his administration has stabilized the economy, concerns about the impact of past massive debts persist.
”We were in a situation where we were deep in debt and did not have a programme to get us out of the mess. I am now happy to tell you that we have stabilized the economy of Kenya,” President Ruto declared in response to economic concerns.