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Kenyans Can’t Manage Money – New Report

May 17, 2022
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Kenyans Can’t Manage Money – New Report
Kenyans Can’t Manage Money – New Report

A new report by global auditing firm, Deloitte, has found that most Kenyan adults still  do not have comprehensive knowledge to effectively manage their money and finances.

Entitled: Beyond Financial Inclusion,” the research also showed that most Kenyans are not financially resilient and lack suitable products for those willing to save and invest small sums.

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On financial management, the report observed that only 2.9% of Kenyans rely on formal financial institutions for advice, compared to 88.3% who rely on themselves and their friends/family. Further insight into the report showed that most Kenyans are not financially resilient and lack suitable products for those willing to save and invest small sums.

On Savings and Investments, the report showed that 54.6% of Kenyans lack enough money to save, and 18.4% lack regular income. It added that 34.9% of Kenyans state they don’t have the kind of money to invest, 29.2% have never heard of securities markets, and 14.8% don’t understand how to invest in securities.

Further insight from the report showed that digital loans in Kenya are the most common loan, behind social network and moneylender loans. According to the report, “Those with existing loans are over-indebted or struggling to pay,” the report said, adding that 45.8% missed a payment or paid late, 12.4% paid less, and 10.7% did not pay at all.

The report also touched on Banking and payments sector, noting that most mobile money transactions incur a fee that many poor find difficult to pay, even if they are willing to do so because of the convenience and speed. Referencing KNBS, the Deloitte report noted that only 13.1% of Kenyans use mobile money for day-to-day expenses, compared to 78.9% who use cash.

The research body, Deloitte needs no introduction. Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our more than 345,000 professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Our organization has grown tremendously in both scale and capabilities, yet our shared culture and mission—to make an impact that matters—remains unchanged. This is evident not only in Deloitte’s work for clients, but also in our WorldClass ambition, our WorldClimate initiative and our ALL IN diversity and inclusion strategy.

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Queen Nwabueze

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