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| Old Mutual CEO Arthur Oginga speaking at an event |
According to a new report released by Old Mutual, increasing numbers of Kenyans are developing new sources of income and are growing businesses in response to economic pressure.
According to the 2025 Financial Wellness Monitor, 30 percent of Kenyans working population earns more than they earned a year ago and 47 percent of Kenyans working population owns or co-owns a business.
According to the study, there has been an increase in side hustles as most people look to gain alternative sources of income.
According to Old Mutual CEO Arthur Oginga, Kenyans are taking proactive measures to ensure they can be in a better financial situation instead of hoping that economic conditions will improve.
The report credits this trend to the changing financial behaviour where 91 percent of the respondents had an established savings goal.
Nevertheless, they are still experiencing financial pressure. Approximately 40 percent of those surveyed borrow to cover day-to-day costs, and 54 percent of those surveyed say that they are as indebted or more so than they were the previous year.
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| Old Mutual's Vuyokazi Mabude |
Vuyokazi Mabude says that the results represent a population that is adapting to economic realities and still struggling with structural problems.
Without greater financial literacy and financial planning, she said, recent gains will not be as permanent.
In the case study, which involved employed Kenyons between the ages of 20 and 59 with an income of at least KES 12,000, financial satisfaction increased to 5.2 in 2024 and 5.9 in 2025.
The respondents who were younger (20 to 29 years old) indicated that the level of their satisfaction was higher than it was in the previous years.
Tabitha Njuguna of Strathmore University Business School remarked at a panel discussion that this shift stems from increased financial awareness, nonetheless, with a bunch of issues like high cost of living and inadequate capital remaining.
The report indicates that multiple jobs have become the reality of 26 percent of Kenyans compared to 20 percent in 2024. Meanwhile, 46 percent are caring about children and adult dependents and this increases household expenses.
Although there are better news when it comes to some people saving, four out of ten people are at risk of depleting their funds in three months without any income.
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