Employed Kenyans are entering a phase of financial recovery, buoyed by expanding income streams and a renewed sense of optimism. According to the recently released Old Mutual Financial Wellness Monitor, which surveyed employed Kenyans aged 20 to 59, financial satisfaction has rebounded significantly from a notable dip in 2024. Today, seven in ten Kenyans are confident that their financial outlook will improve over the next six months, driven by an improved macro-environment and better business prospects.
A central driver of this positive shift is a marked increase in personal earnings, with 30% of working Kenyans reporting that they are earning more now than they did a year ago. To achieve this, many are diversifying their income. The study notes a 6% increase in “poly-jobbers,” bringing the total to 26% of the workforce. Remarkably, a quarter of these multi-earners say that their side jobs actually bring in more income than their primary employment. Furthermore, the entrepreneurial spirit remains robust, with 47% of employed Kenyans owning or part-owning a business.
Despite these positive economic strides, financial stress remains a heavy burden for a significant portion of the population. Four in ten working Kenyans still experience overwhelming or high financial stress, and 44% report that this stress negatively impacts their mental and physical health. A major contributor to this pressure is the burden of the “sandwich generation”; 46% of workers are financially supporting both adult and child dependents. To adapt to these pressures, Kenyans have been cutting expenses, with many moving to cheaper rented properties, switching to more affordable brands, or falling behind on rent.
The high cost of living has heavily influenced borrowing habits. A staggering 74% of respondents took out a loan in the last year, with the primary reason (40%) being to cover everyday expenses and make ends meet. As a result, 54% of Kenyans have the same or more debt than they did a year ago. However, the data reveals a silver lining in financial literacy and proactive debt management. There has been an increase in consumers taking out consolidation loans and approaching creditors to make payment arrangements, contributing to a 13% drop in the number of people who constantly worry about their debt.
In the search for alternative income, sports betting has emerged as a prominent activity, particularly among younger, lower-income males. Over 20% of working Kenyans participate in sports betting, with 46% of gamblers doing so multiple times a week or daily. While the allure of extra money drives this behavior, the risks are stark: four in ten gamblers report finding themselves in financial difficulty as a result of their betting.
Looking toward the future, Kenyans are demonstrating strong financial intent through robust savings habits. An impressive 91% of workers have specific savings goals, with children’s education, entrepreneurial ambitions, and homeownership leading the list. Both formal and informal saving mechanisms are on the rise, highlighted by a significant jump in banked savings, which increased from 32% in 2024 to 51% in 2025. Additionally, long-term planning is improving, with 37% of workers now actively saving for retirement, an 11% increase from 2023.
Ultimately, the Old Mutual Financial Wellness Monitor illustrates a portrait of resilience. While persistent vulnerabilities like the high cost of living and reliance on debt for basic needs remain a challenge, working Kenyans are actively adapting. Through multiple income streams, improved debt management, and a strong commitment to saving, the workforce is carving out a promising path toward long-term financial stability and prosperity.
