THE STAR INFOGRAPHIC
A good number of Kenyans are turning to loans to manage emergency expenses, with education costs (47 per cent) being the leading reason.
This is according to the Old Mutual Financial Services Monitor report (2024).
Medical expenses (31 per cent) and home repairs (26 per cent) also push many into borrowing.Other reasons include furniture and appliance purchases (20 per cent), technology items (16 per cent), and car maintenance (9 per cent).
Notably, 8 per cent take loans for funeral expenses, highlighting financial vulnerability in times of loss.With loans primarily used for essential needs, many Kenyans struggle with financial instability.
