Kisumu residents take to the streets to protest against the rising cost of living. Photo | Courtesy
By: John Kariuki
A new survey conducted by Trends and Insights for Africa (TIFA) has revealed that only three percent of Kenyans earn a monthly income above Sh50,000.
The poll, which collected responses from 1,530 participants form across the country showed that 10 percent of the respondents earn between Sh 20,000 and 50,000 per month.
It also emerged that 54% of Kenyans feel that those who will pay the housing levy will not get to own a house, according to TIFA Research
The survey was conducted between June 24 and June 30, 2023.
Additionally, only 12 percent of the respondents reported earning between Sh 5,001 and 10,000 monthly.
The findings further highlighted that 38 percent of respondents reported earning no income.
“The vast majority of Kenyans thus survive on extremely modest incomes,” stated TIFA Research Analyst Tom Wolf during the report announcement.
Regarding savings capacity, the survey revealed that just over one-quarter (28 percent) of those earning below Sh 5,000 reported being able to save.
Among those in the highest income category, earning over Sh 50,000, 50 percent reported being able to save.
Among the minority who are able to save, the funds are used for various purposes, with the most common being general saving/investment accounts to earn interest (19 percent) unexpected/emergency needs (16 percent), and periodic education costs.
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