How the Kenyan economy is distressing women more than men

Kenyan women experience a higher setback in finances compared to men amidst economic hardships.
Only 20% of women can save despite 80% recognizing its importance.
However, the entrepreneurial spirit remains strong among Kenyan women.

The report highlighted the economic reality of females in the country, stressing that the economic downturn has stirred financial distress among women than men. This is not to imply that men are exempted from these challenges but that the rate differs.

Compared to 41% of men in similar circumstances, 45% of women have experienced a major setback in their finances.

Additionally, while 8 out of 10 women in Kenya, according to the survey, are well aware of the importance of savings, only 2 out of said 10 are positioned to save. The rest spend their earnings on their most urgent needs.

Old Mutual’s report showed that 60% of household income is spent on living expenditures, 12% is spent on debt, and just 25% is saved, according to the report's analysis of spending habits.

“The entrepreneurial spirit among Kenyan women also continues to thrive, with over half owning businesses. However, most of these enterprises are small-scale, with 72 percent being proprietor-run and 28 percent employing five or fewer individuals,” an extract from the report reads.

There have also been trends of expenditure increasing compared to decreased or stagnant revenues. Basic amenities like access to healthcare have also become unattainable for a lot of women in the country.

To mitigate these issues, 30% have turned to borrowing from savings clubs (also known as chamas), while 41% have resorted to dipping into their savings. Many women have also taken to adjusting their spending habits, opting for cheaper options.

On the plus side, these problems have done little to deter the hope of these individuals as the report highlights the optimism these women hold for the near future (six months to be exact).

“The Old Mutual Group is keen on stepping in to offer the financial services that will help this important demographic cope effectively,” Arthur Oginga, the CEO of Old Mutual East Africa Group, noted.