As Father’s Day approaches, there is a wave of optimism sweeping across Kenya. The latest Old Mutual Financial Services Monitor (OMFSM) reveals that a remarkable 75% of Kenyan men are confident their finances will improve in the next six months. This annual report sheds light on the financial habits, attitudes, and priorities of Kenya’s working men, offering a snapshot of their economic outlook and ambitions.
Half of the surveyed men are ready to take above-average to substantial financial risks to secure better returns. This willingness to embrace risk reflects a proactive approach to financial management. Men are not just cutting down on expenses but are also keen on making smart investments and building emergency savings.
Arthur Oginga, CEO of Old Mutual Group, expressed the company’s commitment to supporting Kenyan men: “Old Mutual is dedicated to helping men in Kenya achieve their financial goals. We offer insurance products that protect their families and investment solutions that pave the way to critical personal milestones.”
Interestingly, at least 30% of Kenyan men are poly-jobbers, supplementing their main income with side jobs or contract work. Nearly half of those surveyed (49%) also own a business. This entrepreneurial spirit highlights a dynamic and diverse approach to income generation.
Debt management appears to be well under control, with almost 90% of men feeling confident about handling their current debt levels. Credit cards are the most common form of borrowing (37%), followed by loans from friends and family (25%). Loans are often taken out to cover unexpected expenses such as medical bills (47%), education costs (36%), and household repairs (30%).
When it comes to savings, education, business needs, and emergency funds top the list. However, only 32% are saving for retirement, and many men are counting on their children for support in their old age. Participation in Chamas (savings groups) is relatively low, with only 28% involved in such groups.
Despite their proactive approach, only 15% of Kenyan working men use a financial adviser, and 41% are unsure where to seek financial guidance. This points to a significant opportunity for financial education and advisory services to make a meaningful impact.
As Kenyan men look towards a financially robust future, the insights from Old Mutual’s Financial Services Monitor highlight a community ready to take charge of their financial destinies. From risk-taking to entrepreneurship, they are paving the way for a prosperous 2024.
The OMFSM is an insightful publication that delves into the financial lives of Kenya’s workforce. It explores confidence in the economy, financial stress, income sources, and savings goals. This year’s edition highlights a significant trend: despite the economic challenges posed by the COVID-19 pandemic, many men have shown resilience and adaptability.
