Nairobi — Old Mutual has unveiled its latest Financial Services Monitor (OMFSM), highlighting a positive outlook among Kenyan men regarding their financial future.
According to the survey, over 75 percent of Kenyan men are confident that their finances will improve in the next six months.
The OMFSM, an annual publication, offers insights into the financial behaviours and attitudes of Kenya's working population.
Likewise, it examines critical topics such as confidence in the Kenyan economy, financial stress, sources of income, savings goals, and risk tolerance.
Despite the optimism, the report indicates that many men have had to make significant adjustments in recent years.
The survey reveals that 90 percent of respondents are earning the same or less than they did before the COVID-19 pandemic, resulting in decreased purchasing power.
Income and job security, along with expense reduction, are the top financial priorities for working men.
Additionally, many are focused on achieving good investment returns and building emergency savings.
This aligns with the finding that 50 percent of Kenyan men are willing to take above average or substantial financial risks.
"Old Mutual is committed to supporting men in Kenya in achieving their financial goals, understanding that many of their priorities revolve around securing their income and investments," said Old Mutual Group CEO Arthur Oginga.
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The OMFSM also reveals that at least 30 percent of Kenyan men supplement their income through side jobs, contract work, or second jobs.
Nearly half (49 percent) of those surveyed also own a business. When it comes to debt, credit cards are the most used, with 37 percent of men relying on them, followed by borrowing from friends and family (25 percent).
Emergencies and unexpected expenses, such as medical bills, education costs, and household repairs, are the primary reasons for taking out loans.
Despite the prevalence of debt, almost 90 percent of men report managing their current debt levels well with top goals for their savings, including education, business needs, and emergency funds.
However, retirement savings rank lower, with only 32 percent actively saving for retirement.
Over 50 percent of men are counting on their children for support in old age.
The survey also highlights that only 28 percent of men participate in Chamas (informal savings groups), and a mere 15 percent use a financial adviser.
Additionally, 41 percent of respondents are unsure where to turn for financial advice.
