By Otieno Bildad
Kenyan women continue to face persistent financial challenges despite playing a critical role in supporting families and communities.
Old Mutual’s latest Financial Wellness Monitor reveals a widening gender gap in economic stress, largely driven by unequal distribution of caregiving responsibilities and greater reliance on single income streams.
According to the study, 45 percent of women report significant financial stress, compared to 40 per cent of men. The difference arises from domestic duties, as eight out of ten working women support dependents under the age of 12 compared to six out of ten men. For a significant share of these mothers, they are carrying the financial weight entirely on their own, particularly in cases of single mothers.
The pressure increases for those caught in the “sandwich generation,” where women find themselves simultaneously supporting both child and adult dependents. This dual caregiving obligation makes financial predictability difficult, pushing financial security to the top of women’s priorities.
Compounding the issue is how income is structured across the country. Official data from the Old Mutual report shows that women are significantly more likely than men to rely on a single source of income, with 80 per cent of women depending solely on their primary income compared to 69 per cent of men.
In response to these economic challenges, Kenyan women are actively finding ways to improve their financial positions by adapting and innovating. While most business owners rely on personal funds and business profits, female entrepreneurs are increasingly leaning on community savings groups, known as chamas, as a primary funding source.
The report highlights a significant gender divide in this financial ecosystem, revealing that 66 per cent of working women are active members of a chama, compared to 35 per cent of men. These collaborative networks help build financial stability and support business growth, especially considering that 48 per cent of the women surveyed now own a business, with 20 per cent of them operating more than one.
However, persistent financial strain has forced Kenyan households into survival mode, leading to significant budget cuts. These include switching to lower-cost brands, reducing spending on data and airtime, and trading down to more affordable housing.
In more severe cases, households are making structural lifestyle changes to stay within their budgets, including moving children to less expensive schools. “These drastic measures reflect the extent to which compounding cost pressures are reshaping everyday domestic financial decisions,” said Justine Vaku, an investment analyst at Old Mutual Investment Group.
Despite these adjustments, many households still struggle to balance monthly budgets. Nearly half of all working women, at 46 per cent, report sometimes or often overspending due to rising prices, unexpected expenses, and impulsive spending habits.
Debt remains a significant cause of financial stress, with over half of the women surveyed reporting that they have taken out loans simply to cover everyday expenses or make ends meet. This reliance on credit contributes to ongoing financial strain, with 15 per cent of women reporting that they rarely or never have any surplus money left after paying their basic bills.
Rather than waiting for economic conditions to improve, Kenyan women are actively responding through entrepreneurship, participation in chamas, and tighter household budgeting as they seek pathways toward longer-term financial stability.
