30% of Working Kenyans Earning More as Financial Optimism Rises – Old Mutual Monitor
L-R Onassis Ndegwa Head of Business Development – Corporate Business Old Mutual Investment Group Kenya, Vuyokazi Mabude Head of Knowledge & Insights Old Mutual Limited, Martin Karenju Managing Director Old Mutual Life Assurance Kenya, Dr. Tabitha Njuguna Faculty Member Strathmore University Business School and Justus Kittony Head of Business Development Faulu Microfinance Bank take part in a panel discussion and pose for a photo moment at Old Mutual Holdings Financial Wellness Report Launch
Nairobi, Kenya, March 25, 2026 — A growing share of working Kenyans are earning more and expressing renewed optimism about their financial future, even as economic pressures continue to weigh on households, according to the latest Financial Wellness Monitor by Old Mutual.
The report shows that 30 per cent of working Kenyans now earn more than they did a year ago, reflecting a trend of resilience driven by side hustles, entrepreneurship, and income diversification. Nearly half (47 per cent) of respondents own or co-own businesses, while many others are supplementing their income through additional streams.
Financial sentiment is also improving, with seven in ten Kenyans expecting their financial situation to improve in the next six months. Overall financial satisfaction rose to 5.9 out of 10 in 2025, up from 5.2 in 2024, supported by a more favourable macroeconomic outlook. Notably, younger Kenyans aged 20 to 29 emerged as the most optimistic group.
“Kenyans are not waiting for the economy to improve. They are actively adapting, innovating, and finding new ways to strengthen their financial position,” said Arthur Oginga, Group CEO at Old Mutual.
The survey further highlights a growing culture of financial planning, with 91 per cent of respondents reporting that they have set savings goals. At the same time, 53 per cent say they have enough savings to cover at least three months of expenses an improvement from the previous year.
However, the gains are tempered by persistent financial strain. About 43 per cent of respondents remain financially stressed, with rising living costs, debt burdens, and expanding household responsibilities cited as key challenges. Four in ten Kenyans report borrowing to meet daily expenses, while over half say their debt levels have remained the same or increased compared to last year.
The study also reveals that 26 per cent of working Kenyans are juggling multiple jobs up from 20 per cent in 2024 with a quarter of these “poly-jobbers” earning more from side hustles than their primary employment.
Experts warn that while the shift toward active financial management is encouraging, long-term financial security remains uncertain without stronger support systems. “The report reflects a nation in transition resilient and entrepreneurial, but still vulnerable without improved financial literacy and protection mechanisms,” said Vuyokazi Mabude, Head of Knowledge and Insights at Old Mutual.
The burden of financial responsibility is also growing, with 46 per cent of working Kenyans supporting both children and adult dependents, commonly referred to as the “sandwich generation.” This has contributed to increased financial strain, with more households falling behind on rent and bills or dipping into savings to stay afloat.
According to the report, many households are adjusting to the high cost of living by cutting expenses, moving to more affordable housing, and opting for lower-cost goods and services. Mobile loans remain the most common form of credit, alongside informal lending channels such as chamas.
Financial experts are now calling for a shift in approach within the sector to better support households. “There is a need to move beyond responding to financial shocks and focus on protecting progress by expanding access to financial education, advisory, and risk management solutions,” said Japheth Ogalloh, Managing Director at Old Mutual General Insurance Kenya.
The Financial Wellness Monitor tracks the financial behaviours and outlook of employed Kenyans aged 20 to 59 earning at least KSh12,000, offering insights into how individuals are navigating day-to-day financial decisions while working toward long-term stability.
