Money management and budgeting are not a priority for Kenyan millennials who believe that ‘You Only Live Once’ (YOLO) according to the latest survey by Standard Chartered Bank.
In the survey, 64% of millennials in Kenya reported an increase in their borrowing.
On the other hand, 88% of Kenyan millennials aged between 25-44 found it difficult in managing their finance since the first COVID-19 was reported in Kenya compared to 64% globally.
StanChart Head of Retail Banking, Edith Chumba, disclosed that despite the hardships being faced, they are more focused on achieving their long term goals.
“33% of millennials in Kenya are saving for a major purchase such as a new car or home, compared to 23% of those over 45 whilst another 38% of millennials are actively trying to invest better, compared to 31% of those over 45,” said Chumba.
“Millennials in Kenya want to better track and budget their spending (60%); 71% want to alter their daily spending; and 21% have started using a new money management or budgeting app since the pandemic began, with 81% of those who haven’t yet embraced these digital tools planning to do so in the next three years,” Chumba added.
The survey conducted between 25th September and 1st October 2020 covered 12,000 adults in 12 markets; Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK and the US.
Data from the Kenya National Bureau of Statistics (KNBS) revealed that the country’s unemployment rate hit 10.4 percent in the second quarter from 4.90 percent recorded previously.
According to the quarter two Labour Force Report, the number of those unemployed increased to 4,637,164 between April and June compared to 2,329,176 in the same period last year.