Kenya’s Financial Struggles: 40% Stressed, 70% Broke

13 February 2025

Kenya’s economic reality is stark. A new Old Mutual report reveals 70% of Kenyans have seen their incomes shrink in 2024. This impacts urban and peri-urban dwellers aged 20-59, those earning Sh12,000 or more – the core of the workforce, representing about 63% of working-age Kenyans. Stress is rampant, with nearly half reporting significant mental and physical health issues due to financial strain. This downturn marks a shift from the more optimistic outlook of 2023. It’s happening across Kenya, especially in urban and peri-urban areas, driven by high living costs, rising food prices, unemployment, and a difficult business environment.