Only 16 per cent of women in Kenya have confidence in the country’s economy while a staggering 54 per cent have reported significant financial stress.

Latest survey by Old Mutual’s Financial Service Monitor highlighting a comprehensive analysis of the Kenyan economy, key trends and challenges faced by individuals, especially women further indicates that the figure among females is notably higher than their financially strained male counterparts which stands at 41 per cent.

The impact of the Covid-19 pandemic on earnings is also evident, with 9 out of 10 Kenyan consumers (91pc women; 90pc men) experiencing stagnant or decreased income levels.

The Monitor also sheds light on expenditure patterns, revealing that 60 per cent of household income is allocated to living expenses, 12 per cent to debt, and one-fifth to savings.

Notably, access to healthcare remains a challenge, with over half of Kenyan women lacking medical insurance and two-thirds not covered by their employer.

To cope with financial pressures, 41 per cent of Kenyan women have tapped into their savings, while 30 per cent have resorted to borrowing from savings clubs (chamas).

In terms of retirement savings, the survey that involved over 500 respondents indicated that while 8 in 10 women acknowledge its importance, only 2 in 10 are actively saving for retirement, highlighting a significant gap that needs to be addressed.

Despite these challenges, the survey conducted in August last year states that there remains a beacon of optimism, as almost three-quarters of Kenyan women believe their financial situation will improve in the next six months.

This optimism is accompanied by adaptive strategies, with 60 per cent of women adjusting their expenses, including cutting down on house-helps and switching to cheaper brands. Meanwhile, 36 per cent of women are actively working to secure their investments.

Commenting on the report, Old Mutual East Africa Group CEO, Arthur Oginga, said the insights provided by the edition of the Old Mutual Financial Services Monitor emphasize the urgent need for tailored financial solutions and support mechanisms, particularly for women in Kenya.

“The Old Mutual Group is keen on stepping in to offer the financial services that will help this important demographic cope effectively,” he added.