Kenyans Aged 18-26 Most Affected by Cost of Living – Infotrak Report
According to a study carried out by Infotrak, individuals in the age group of 18 to 26 are the most impacted by the challenging economic conditions in Kenya.
During the survey carried out from December 18 to December 19, 2023, 61% of individuals in this age category from Kenya expressed difficulties in meeting their financial needs.
Merely 4 percent of individuals in this category indicated that they can manage well in the current economic circumstances.
The report also highlighted that 16 percent were experiencing financial difficulties, operating at a loss, and expressing significant financial distress.
Among individuals within the identical age bracket, merely 19 percent were not experiencing financial difficulties nor enjoying a comfortable lifestyle.
As per the report, individuals of various age brackets in Kenya were facing challenges in meeting their financial needs due to a significant increase in the cost of living. The percentage reached 55.
Merely 5 percent of individuals surveyed by Infotrak reported being in a comfortable situation.
As highlighted in the survey, 22 percent were in a middle ground, facing neither financial struggles nor comfort, while 18 percent experienced significant financial hardship.
Despite assurances to reduce the cost of living, Kenyans remained doubtful and anticipated a rise in the prices of essential goods.
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Approximately 46 percent of individuals in Kenya, aged between 18 and 26, anticipate a rise in the cost of living in 2024. Additionally, 61 percent expect an increase in energy costs, while 49 percent foresee a hike in fertilizer prices.
The demographic also anticipated a rise in school fees (72%), with a majority (59%) foreseeing a continued depreciation of the Kenyan Shilling against the dollar in the coming months. Additionally, a significant percentage (65%) predicted an increase in unemployment rates.
Similarly, 29 percent of the demographic urged the government to concentrate on reducing the expenses associated with daily life.
Individuals in Kenya within this demographic face significant challenges due to the widespread issue of unemployment in the nation. A large portion of this group has finished their education and is actively seeking entry-level employment opportunities.
Some members of this community have turned to solicit employment opportunities on the Internet, while others have chosen to engage in self-employment or resort to unlawful activities as a means of financial survival.
President William Ruto has committed to reversing the current state of affairs by generating job prospects for young people through initiatives such as the Affordable Housing Project, Jitume Labs, and establishing labor agreements with international countries.
Kenyans Aged 18-26 Most Affected by Cost of Living – Infotrak Report
