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Home Business Millennials ‘hit harder’ by Corona

Millennials ‘hit harder’ by Corona

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At least 64 per cent of Kenyans borrowed money in October, which according to a new survey, raises concerns over the impact of Covid-19 pandemic on people’s finances.

The study reveals that 88 per cent of Kenyans find it more difficult to manage their finances since the virus outbreak, compared to 64 per cent globally.

However, it is Kenyan millennials who were hit the hardest with 90 per cent of them struggling, compared to the 70 per cent global average, said Standard Chartered’s latest global survey.

12,000 adults

More Kenyans borrowed money last month compared to all 12 countries in the survey. 

The study targeted 12,000 adults across 12 markets in Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK and the US.

Interestingly, Kenyans appeared the most likely – at 93 per cent globally – to say they wanted to be better at managing their finances.

The final survey was done to provide new insights into how the global health crisis has altered the way people are managing their money day-to-day, in pursuit of their long-term goals.

“As observed from the poll,  Millennials were more likely than the older generations to be in active pursuit of long-term goals,” Standard Chartered Head of Retail Banking, Edith Chumba said.

Chumba said 33 per cent of Kenyan Millennials are saving for a major purchase such as a new car or home, compared to 23 per cent of those over 45, whilst another 38 per cent are actively trying to invest better, compared to 31 per cent of those over 45.

Further, they are 75 per cent more likely than those over 45 to have started using a money management or budgeting app for the first time during coronavirus.

However those over 45 reported having the most positive experience using budgeting apps.

In summary

    • When asked what they would do, if given the equivalent of Sh100,000 by their Government with no strings attached, the most common responses globally were to use the money to pay off debt, cover day-to-day expenses or save for the long-term.
    • In Kenya, 55 per cent of people said they would use the money to cover existing spending commitments such as housing, food, and transport, while only three per cent would spend the money on a holiday.
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