30% of working Kenyans earn more than a year ago: Report

More Kenyans are creating additional income streams and expanding businesses amid harsh economic pressures, according to the Old Mutual Financial Wellness Monitor.

The Wellness Monitor, which tracks the financial health of working Kenyans, notes that 30% of working Kenyans are now earning more than a year ago, while 47% own or co-own a business, with many others pursuing side hustles.

“Kenyans are not waiting for the economy to improve. In the face of economic pressure, they are actively engineering their own recovery, adapting, innovating, and finding new ways to improve their financial position,” said Old Mutual CEO Arthur Oginga.

The report attributed the rise to behavioural shifts, with 91% of Kenyans now reporting that they have a savings goal.

However, this progress is unfolding alongside persistent financial strain caused by the rising living costs, mounting debt, and expanding financial responsibilities, which continue to weigh on households.

The report shows that 40% of Kenyans are borrowing to meet everyday expenses, 54% are carrying the same or higher debt than last year, and 46% regularly overspend their budgets.

“The 2025 report paints a picture of a nation in transition. Kenyans are resilient and entrepreneurial. But without stronger support in financial literacy, savings discipline, retirement planning, and protection, this progress risks remaining short-term,” Vuyokazi Mabude, Head of Knowledge & Insights at Old Mutual, said.

The latest study focused on employed Kenyans aged 20 to 59 earning KES 12,000 or more.

It says that financial satisfaction has rebounded from its lower level in 2024 as 20–29-year-olds are even more satisfied than they were in 2023. 

Key drivers of financial well-being include a sense of comfort with one’s financial position, prudent debt management, the ability to save, and improved business performance relative to the previous year.

“What we are seeing is a shift from passive financial behaviour to active financial intent. Kenyans are working harder and setting goals, but they need the right tools, advice, and protection to translate this resilience into long-term financial security,” said Dr. Tabitha Njuguna, Strathmore University Business School, Faculty Member, during a panel session.

Those reporting financial dissatisfaction cited the high cost of living, incomes insufficient to meet expenses, difficulty in securing better-paying opportunities, and limited capital to expand their businesses.

The survey reveals that financial satisfaction rose from 5.2 out of 10 in 2024 to 5.9 in 2025, with 70 per cent of respondents expecting their financial situation to improve over the next six months on account of improved macro-environment.

The Old Mutual Financial Wellness Monitor offers detailed insight into behaviour and sentiment, from day-to-day money decisions and risk management to the pursuit of long-term financial goals, as individuals navigate their path towards financial well-being.

The report noted that income security continues to be the main financial priority for Kenyans and is even more important in 2025 than ever before.

Other priorities include cutting expenses, ensuring investments are safe, lower risk, being able to pay off debt, and building financial buffers or emergency funds, among others.

The study found that 26% are juggling multiple jobs or doing part-time jobs (Poly-Jobbers), which is an increase from the 20% reported in 2024.

However, this was skewed towards more affluent consumers. 25% of polyjobbers say that the income from their side jobs is more than from their main job.

The study found that 46% of working Kenyans are part of the sandwich generation, supporting children as well as adults.

The financially supported adults mostly include parents (79%) and siblings (49%). Adult dependents have increased by 4 percentage points in 2025.

Those falling behind on rent increased from 17% to 25%, while those who dipped into savings to make ends meet increased from 35% to 40%. In addition, those who fell behind in house bills increased from 27% to 28%. 

The Monitor found that 40 per cent of the population has taken out a loan for day-to-day expenses, with mobile loans continuing to be the most widely used form of credit, followed by personal loans from Chamas.

Over half (53%) of consumers have enough savings to last them for 3 months or more and this has increased by 9 percentage points since 2024.

However, this means that 4 in 10 are vulnerable to running out of funds in less than 3 months, without an income.