The proportion of Kenya’s population with active financial savings dropped for the first time since 2009 to stand at 68.1 percent this year, a new study shows, breaking a 15-year growth trend on the back of biting economic hardships.
The savings rate has been on an upward trajectory since 2009 when it stood at 51.5 percent of the population, before jumping to 58.4 percent in 2013, and subsequently to 66.4 percent in 2016. The savings rate in the country stood at 69.9 percent and 74 percent in 2019 and 2021, respectively—marking a phase of steady growth over the years.
