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As the world joined hands to celebrate fatherhood, paternal bonds, and the influence of fathers in society, it has been revealed that men in Kenya are optimistic about the future, with over 75 per cent  confident of strengthened finances in the next six months.

The new survey by Old Mutual in its latest Financial Services Monitor (OMFSM) revealed that in order to achieve their long-term financial goals, many men have had to readjust their lives over the past four years with 90 per cent  of those surveyed reporting earning less than or the same as before the Covid pandemic, leading to less purchasing power.

In terms of financial priorities, working men are generally focused on income and or job security and cutting down expenses as their top priorities.

This is while many focus on getting good investment returns and building emergency savings which also aligns to how much more risk they are willing to take with 50 per cent  of men in Kenya ready to take above average and substantial financial risks.

While releasing the survey, Old Mutual Group CEO, Arthur Oginga revealed that at least 30 per cent  of men in Kenya have been shown to be poly-jobbers (i.e. supplement their incomes through a side job, contract work or second job above their regular job), with almost half of those surveyed (49pc) also claiming to own a business.

“Old Mutual is committed to supporting men in achieving financial goals, upon the understanding that many of their priorities revolve around securing their income and investments. Our support emerges through insurance products that secure their families’ futures, as well as investment solutions that help them achieve critical personal goals,” said Oginga.

When it comes to debt, males mostly make use of credit cards (37pc), followed by 25 per cent  that borrow from friends and family.

Unexpected expenses and emergencies such as medical or health expenses (47pc); education (36pc) as well as household maintenance repairs (30pc) are among leading reasons for taking loans.

Significantly more males have taken out loans to buy or pay for a particular item or service for example appliances, car or car service, tech/gadgets, etc. Amongst all the debt taken, almost 9 in 10 males say that they can manage their current debt levels well.