Loss of income through lay offs amidst the tough economic times, is the fastest rising fear among Kenyans, a survey shows.
The Wakenya survey conducted by research firm, Consumer Insight, says this trend is mainly manifested in family members who are actively working and earning incomes, which have risen by 10 per cent since 2018.
“The fear is compounded with heavy reliance on debt to make ends meet in the current economic time,” the report notes.
The report further highlights that the number of people who do not have sources of income has been rising in the past five years.
From the total surveyed population, 62 per cent said they did not have a source of income, compared to 53 per cent and 52 per cent of 2019 and 2018, respectively.
Those who responded to have sources of income this year were 35 per cent, a decrease from 47 and 48 per cent of 2019 and 2018, respectively.
Asked about looking for other alternatives in addressing the fears of getting laid off, majority of the respondents, 53 per cent, preferred to look for self-employment opportunities.
Fifteen per cent of them preferred to be employed while 30 per cent said they would opt to be employed and self employed at the same time.
Job loss has been a pain for most Kenyans since the onset of the Covid-19 pandemic, which forced companies to scale down on staff numbers, while others slashed salaries cuts in response to financial strains.
The report says to date; Kenyans are still dealing with he effects of the pandemic forcing them to borrow loans to make ends meet.
“At least half of Kenyans are now borrowers, at 52 per cent, rising from 40 per cent in 2019,” the report reads.
“Sources of credit have changed as well, 59 per cent of the respondents saying they borrow on their mobile phones, a sharp increase from 33 per cent in 2016.”
The survey was conducted through face-to-face interviews, with a respondent base of over 3,000 participating in four waves done from 2016 to 2023.
This was across 16 counties representing at least 50 per cent of the country’s population.
