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43% of Young Kenyans Borrow Money to Meet Daily Expenses - Old Mutual Report
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Kenyans.co.ke
The report released on Wednesday, August 12, revealed that 43 per cent of Kenyans aged between 20 and 29 years are borrowing to meet their day-to-day expenses.
Photo Kenyans.co.keHowever, as young Kenyans getting into debt increases, some Kenyans are borrowing to invest, with 26 per cent taking loans to purchase stock or fund business activities.
The findings come as young Kenyans increasingly turn to multiple income streams, entrepreneurship, and saving to strengthen their financial position.
The report found that only 36 percent of young Kenyans can be sustained for at least three months upon losing employment.
Despite the reliance on credit, saving remains a major priority among young Kenyans.