Nearly half of Kenyans have turned to side hustles to supplement their income amid the soaring cost of living, a new report shows.
Statistics shared by research firm Infotrak on Monday, January 22, revealed that a majority of Kenyans (73 per cent) are either in severe financial distress or struggling to make ends meet.
45 per cent of Kenyans have resorted to side hustles to boost their income as the high cost of living continues to push the prices of basic commodities through the roof.
According to the survey, 41 per cent of Kenyans have cut back on their non-essential expenditure while 18 per cent are relying on loans to fill their financial gaps.
“Getting a side hustle (45%) and reducing non-essential expenditure (41%) are the main coping strategies adopted by Kenyans to cope with the economic hardships,” Infotrak said.
16 per cent of the respondents cited the use of community resources including food banks and shelters as their coping strategies.
Furthermore, 15 per cent of Kenyans said they had been forced to borrow money from friends and family to navigate through the harsh economic times.
Other coping strategies include seeking financial counselling and assistance (8%), utilizing credit cards (4%), implementing food rationing (3%), and reducing the number of meals per day (1%).
The survey involved 1,500 respondents from all 47 counties and was conducted between December 18 and 19, 2023. The research was conducted through Computer Assisted Telephone Interviews (CATI).
Increased stress and anxiety
According to InfoTrak, 48 per cent of Kenyans have suffered increased stress and anxiety levels due to the high cost of living.
The report also revealed that 32 per cent of personal relationships were affected as a result of economic hardships.
“Family & friends (48%) and government assistance programs (24%) are the most helpful resources and support systems to deal with the economic hardships,” Infotrak stated.
