70 percent of Kenyans accessing financial institution is in debt and depressed - Infotrak reports

Traders in Kenyan large scale markets. PHOTO | FILE

Seven out of ten Kenyans who have access to banks have debts. According to the latest research Kenyans who have access to banks have suffered lifestyle debts.

This is according to the outcomes of a survey executed by research and consulting firm Infotrak, which reveals that 70 percent of banked Kenyans consider themselves to be in debt and living beyond their means.

“A significant proportion of the Kenyan population is experiencing severe debt distress,” says Infotrak in the report that provides new insights into the financial hardships that Kenyans are facing. 

The poll says Kenyans have borrowed enormous sums from local banks to finance lifestyles they can not afford. 

It also says Kenyan families say they feel unprepared for a financial emergency, meaning they fear to plunge into poverty in case of sudden economic shocks such as loss of job or sickness.

The increase in depression cases mostly is caused by inadequate finance. Kenyans who have access to the banking or any financial systems are more depressed according to the report.