The ongoing economic hardships in Kenya is hitting women more than men, a new survey has revealed.
The new report by Old Mutual sheds light on the growing financial challenges faced by women in Kenya compared to their male counterparts.
The Old Mutual Financial Services Monitor (OMFSM) shows that 54 percent of women are struggling more with finances. This is higher than 41 percent of their male counterparts
The report analyses the expenditure patterns, revealing that 60 percent of household income is spent on living expenses, 12 percent on debt, and a mere one-fifth on savings.
Regarding retirement savings, although eight in 10 women acknowledge its importance, only two in 10 are actively saving for retirement, indicating a significant gap.
This scenario comes on the back of more women owning businesses than men.
“The entrepreneurial spirit among Kenyan women also continues to thrive, with over half owning businesses. However, most of these enterprises are small-scale, with 72 percent being proprietor-run and 28 percent employing five or fewer individuals,” the report highlighted.
According to the report, the situation has been exacerbated by the economic shocks that have gripped the country in the past years.’
A whopping 91 percent of women and 90 percent of men have reported a stagnant or decreased income levels.
Accessing healthcare remains a hurdle for many Kenyan women, with more than half lacking medical insurance and two-thirds not benefiting from employer coverage.
To manage financial strains, 41 percent have tapped into their savings, while 30 percent have resorted to borrowing from savings clubs (known as chamas).
Despite these obstacles, nearly three-quarters of Kenyan women are optimistic about their financial prospects in the next six months, with many employing adaptive measures such as adjusting expenses and seeking out investment opportunities.
“The Old Mutual Group is keen on stepping in to offer the financial services that will help this important demographic cope effectively,” said, CEO of Old Mutual East Africa Group, Arthur Oginga.