Did You Know That 5 Out of 10 Kenyans Have Borrowed Money?

By Getrude Matayo

As pandemic continues to sweep across the country, the GeoPoll report shows that five out of 10 Kenyans or an equivalent half the population has taken loans to meet monthly expenses at the Covid-19 pandemic.

According to the report titled The Impact of Coronavirus in Sub-Saharan Africa, 36 percent of Kenyans are now relying on credit to cover monthly expenses ahead of savings at 26 percent and salary income at 16 percent.

As the pandemic continues to bite the country, it is expected that more Kenyans will be unable to pay the rent. The majority of them have however been thrown further in the depths of economic turmoil to feed on hand to mouth as expenses now outweigh income significantly.

41 percent of Kenyans see the covid-19 pandemic as a financial problem and not a health problem. To the majority of Kenyans, the pandemic has disrupted their financial streams rather than their health.

The survey covering 500 respondents shows that 37 percent of monthly expenses needs range from 10,001 and 20,00 against incomes where a majority 53 percent earned less than 10,000 shillings prior to the onset of the covid-19 pandemic.

60 percent of those who held jobs at the onset of the pandemic now report to have stopped working with 18 percent of respondents informing they will have no jobs to return to upon the lifting of all restrictions

The 65 percent of Kenyans are now highly concerned about the inability to meet routing costs which includes food purchases and rent with 37 percent stating they have less than a month in their ability to settle these bills.

48 percent of Kenyans have reported a dramatic decline in income amidst concerns on the stay of livelihood. Already millions of businesses have shut down and more than four million Kenyans have lost their jobs.

The majority of Kenyans opted to move to their rural homes, running away from the city and from the high cost of living.

READ: Uganda Records First Death As A Result Of COVID-19