Kenyans keen on multiple jobs as pandemic wipes out personal incomes


Kenyans keen on multiple jobs as pandemic wipes out personal incomes

In Summary

  • According to a new report published by the Standard Chartered Bank on Monday, 93 per cent of surveyed Kenyans indicated they would set up a second income stream.
  • The quest to juggle multiple jobs comes on the back of a significant hit to personal finances with Kenyans absorbing the largest shocks seen in the region from the pandemic.
  • The quest to hold multiple job placements under the current economic environment will however not be a walk in the park. According to data from KNBS's second quarter labour force report, the country’s unemployment rate doubled from 5.2 to 10.4 per cent between April and June as another 1,716,604 Kenyans were rendered jobless.

The majority of Kenyans have opted to pursue multiple income streams as a fix to their financial plight resulting from the COVID-19 pandemic.

According to a new report published by the Standard Chartered Bank on Monday, 93 per cent of surveyed Kenyans indicated they would set up a second income stream.

The quest to juggle multiple jobs comes on the back of a significant hit to personal finances with Kenyans absorbing the largest shocks seen in the region from the pandemic.

For instance, 65 per cent of Kenyans indicate they are earning less than they did prior to the pandemic while more than half the respondents expect the pandemic to further affect their income and employment.

Moreover, 63 per cent of Kenyans have reported increased borrowing- the highest of any market surveyed while 72 per cent having trimmed savings.

Kenyans are however showing the will to adapt to the changing environment including the drive to take on more work hours for enhanced pay.

Further, the country has topped rankings with the highest number of individuals seeking to better manage finances/spending.

“Kenya was also the most entrepreneurial nation with 85 per cent considering starting a new business to increase their earnings in the next six months. Kenya’s millennials and generation Z are also much more likely than their global peers to respond to the crisis by starting a new business; 87 per cent of those aged 18 and 44 would consider doing so in the next six months, compared to 52 percent globally,” noted Standard Chartered Head of Retail Banking in Kenya & East Africa Edith Chumba.

Joblessness

The quest to hold multiple job placements under the current economic environment will however not be a walk in the park.

Continued redundancies in firms along with the collapse of businesses and in particular small and medium enterprises (SMEs) has made jobs hard to come by.

While the government has moved to ease COVID-19 restrictions partly re-opening the economy, the private sector has continued to bleed jobs as companies pursue lower operational costs.

According to data from the Kenya National Bureau of Statistics (KNBS) second quarter labour force report, the country’s unemployment rate doubled from 5.2 to 10.4 per cent between April and June as another 1,716,604 Kenyans were rendered jobless.

Combined, a total of 1,920,443 Kenyans lost their jobs between January and June this year.

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Story By Kepha Muiruri
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