A recent survey conducted by Infotrak has Revealed that a staggering 73 percent of Kenyans are grappling with severe economic challenges. The study, released on Monday, sheds light on the Severe reality faced by a majority of the nation’s population.
Breaking down the numbers, the survey highlighted that 55 percent of Kenyans find themselves struggling to make ends meet, while an additional 18 percent reported experiencing financial distress. Astonishingly, a mere 5 percent of the population appears to be navigating the economic storm with relative comfort.
To cope with the economic downturn, a significant portion of the population has resorted to side hustles and stringent budgetary adjustments. According to the findings, 45 percent of Kenyans are currently engaged in side hustles to supplement their income, while 41 percent have adopted measures to reduce non-essential expenditures.
Infotrak highlighted the prevailing challenges, emphasizing that a considerable 18 percent of Kenyans have turned to loans to bridge financial gaps. The ripple effect of these economic hardships is palpable, with 48 percent of respondents reporting increased stress and anxiety.
Further delving into the coping mechanisms employed by Kenyans, the survey revealed a range of strategies. Seeking additional employment or income sources emerged as the primary strategy, employed by 45 percent of respondents.
The study also highlighted other tactics, including taking out loans (18 percent), utilizing community resources (16 percent), borrowing money from friends or family (15 percent), seeking financial counseling and assistance (8 percent), and resorting to credit cards (4 percent).
The survey, based on interviews conducted between December 18 and 19, 2023, encompassed a sample size of 1,500 respondents, providing a comprehensive snapshot of the prevailing economic challenges.
The impact of these hardships has not spared various aspects of Kenyans’ lives. Stress and anxiety have surged among 48 percent of the population, while relationships bear a strain for 32 percent. Physical health issues are reported by 21 percent, with 18 percent citing mental health concerns.
Age appears to be a significant factor, with young people aged 18 to 26 and those above 55 being the hardest hit at 77 percent.
The survey also highlighted the varied sources of support sought by Kenyans. Family and friends topped the list at 48 percent, followed by government assistance programs (24 percent), NGOs (19 percent), online financial management resources (12 percent), and employer assistance programs (10 percent).
The outlook remains bleak, as 48 percent of Kenyans anticipate an increase in the cost of living. Concerns also extend to a potential rise in school fees (67 percent), energy costs (51 percent), unemployment rates (56 percent), fertilizer prices (40 percent), and the dollar exchange rate (52 percent).
Kenyans have identified key areas that require urgent attention to alleviate the economic strain. The majority, at 26 percent, advocate for reducing the cost of living, while 13 percent emphasize the need to cut fuel costs and create employment opportunities. Additionally, 12 percent call for reduced taxation, 6 percent advocate for supporting the agriculture sector and providing low-interest loans, 3 percent stress the importance of ensuring food security nationwide, and 2 percent highlight improvements in the health sector as crucial.
The survey was conducted through Computer Assisted Telephone Interviews and has a ±2.53 per cent margin of error and a response rate of 94 per cent.
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