At least two-thirds of Kenyans, 64 per cent of those in full-time employment, engage in side hustles to cope with the hard economic times, according to a report commissioned by mobile money lender Tala.
The report highlights that the rising cost of living over the years has pushed people to seek alternative sources of income.
“The rising cost of living experienced over the last year has pushed the full-time employed consumers from their comfort zones to earn an extra shilling,” it says.
There has, however, been a decline in number of those with other sources of income in the last three years.
In 2022, for example, those who had other sources of income were at 80 per cent before it dropped to 70 per cent in 2023.
In 2024, the number is at 58 percent.
“The rising cost of living could have led to closure of some businesses because of prioritization of personal expenses over investing in business,” the report further states.
The research conducted by the firm among consumers was aimed at understanding the impact of the cost of living and how credit is helping them.
On the other hand, those with full-time jobs have over the last three years declined.
While their numbers represented 68 percent in 2022, this continued to drop to 57 percent and 55 percent respectively in 2023 and 2024.
Kenyans with businesses as their main source of income have also been on the decline in the last three years, whereas compared to 26 percent in 2022 the numbers are at 19 percent in 2024.
In 2023, their numbers were at 28 percent.
