30% of Employed Kenyans Receive Higher Pay Compared to Last Year – Report

According to the latest Old Mutual Financial Wellness Monitor, Kenyans are demonstrating resilience and adaptability in the face of economic challenges, with many creating additional income streams, expanding businesses, and expressing optimism about their financial prospects.

The survey released on March 25, 2026, shows that financial satisfaction among working Kenyans has risen from 5.2 out of 10 in 2024 to 5.9 in 2025.

About 70% of respondents expect their financial situation to improve over the next six months, citing an improved macroeconomic environment.

“Kenyans are not waiting for the economy to improve. In the face of economic pressure, they are actively engineering their own recovery, adapting, innovating, and finding new ways to improve their financial position,” said Arthur Oginga, Old Mutual Group CEO.

In addition, 91% of Kenyans now report having a savings goal, reflecting a broader shift towards proactive financial management.

Earnings, Entrepreneurship, and Side Hustles

The report highlights that 30% of working Kenyans are earning more than a year ago, and 47% own or co-own a business.

Many are pursuing side hustles or multiple jobs to boost income.

“What we are seeing is a shift from passive financial behaviour to active financial intent. Kenyans are working harder and setting goals, but they need the right tools, advice, and protection to translate this resilience into long-term financial security,” said Dr. Tabitha Njuguna, Strathmore University Business School.

Also Read: Old Mutual Partners With Paystack To Simplify Digital Payments Across East Africa

Poly-Jobbers

26% of Kenyans are juggling multiple jobs or part-time work (up from 20% in 2024).

Poly-jobbers tend to be more affluent, with 25% earning more from side jobs than their main employment.

Sandwich Generation

46% of working Kenyans financially support both children and adults.

Adult dependents include parents (79%) and siblings (49%), with adult dependents increasing by 4 percentage points in 2025.

Persistent Financial Strain

Despite progress, many households continue to feel pressure from rising living costs, debt, and expanding responsibilities:

• 40% borrow to meet everyday expenses
• 54% carry the same or higher debt than last year
• 46% regularly overspend their budgets

“The 2025 report paints a picture of a nation in transition. Kenyans are resilient and entrepreneurial. But without stronger support in financial literacy, savings discipline, retirement planning, and protection, this progress risks remaining short-term,” said Vuyokazi Mabude, Head of Knowledge & Insights at Old Mutual.

Financial strain indicators show:

• Rent arrears rose from 17% to 25%
• Dipping into savings increased from 35% to 40%
• Falling behind on house bills rose from 27% to 28%

“Working Kenyans are actively adjusting to rising costs, trading down to more affordable housing, switching to lower-cost brands, and revising mobile plans to manage expenses. In some cases, households are also moving children to less expensive schools,” said Justina Vuku, Investment Analyst at Old Mutual Investment Group.

Drivers of Financial Satisfaction and Dissatisfaction

Key factors supporting financial well-being include:

• Comfort with one’s financial position
• Prudent debt management
• Ability to save
• Improved business performance relative to the previous year
• Financial dissatisfaction continues to be driven by:
• High cost of living
• Incomes insufficient to meet expenses
• Difficulty securing better-paying opportunities
• Limited capital to expand businesses

Financial priorities in 2025 remain focused on:

• Income security
• Cutting expenses
• Ensuring safe, lower-risk investments
• Paying off debt
• Building emergency funds

Also Read: Reasons Why Kenyans Take Loans – Report

Loans, Savings, and Financial Protection

40% have taken out a loan for day-to-day expenses, with mobile loans being the most widely used, followed by personal loans from Chamas.

53% have enough savings to last three months or more (up 9 points since 2024).

4 in 10 remain vulnerable to running out of funds in less than three months without income.

“The financial sector must focus on protecting progress through financial education and advisory services,” said Japheth Ogalloh, MD of Old Mutual General Insurance Kenya.

About the Old Mutual Financial Wellness Monitor

The Old Mutual Financial Wellness Monitor tracks financial attitudes, behaviours, and planning among Kenyans aged 20-59 earning Ksh 12,000 or more.

Old Mutual Holdings provides insurance, investment, banking, and savings solutions across Kenya, Uganda, South Sudan, and Rwanda, managing a Ksh 20 billion property portfolio.

Contact:

Annie Nibishaka, Group Head of Marketing and Communications- ANibishaka@oldmutual.co.ke

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Old Mutual Financial Wellness Monitor Report reveals the savings goals for employed Kenyans and their top financial priorities. PHOTO/ Old Mutual Financial Wellness Monitor Report Screengrab.