38% of Kenyans have no monthly income – TIFA
38 per cent of Kenyans don’t have a monthly income, according to a survey conducted by Trends and Insights For Africa (TIFA)
The report released earlier today went on to highlight that the majority of Kenyans survive on modest incomes, as even those in the highest income groups combined are fewer than those earning nothing.
Furthermore, only 13% of individuals fall into the two highest monthly income brackets (KES. 20-50,000 and above KES. 50,000), while 38% earn nothing.
The TIFA report highlighted the significant disparity in income distribution across the country with only a mere 3% of Kenyans earning above KES 50,001.
The survey which was conducted between June 24 and June 30, 2023, showed that 10% of Kenyans earn between KES 20,001 to KES 50,000 per month over the last year.
Despite expectations, the correlation between monthly income and the ability to save at the end of each month is not as strong as anticipated.
Surprisingly, over a quarter of those in the lowest income category (28%) earning below KES 5,000 are able to save, while twice as many in the highest income category of above KES 50,001 (50%) claim to do so.
Unfortunately, according to the Kenya National Bureau of Statistics (KNBS) data in April, the number of jobless Kenyans has risen to 2.97 million as inflation soars.