Kenyan youths, especially those born between 1990 and 2010 are extremely broke. You’ll find a 30-year-old graduate living with his mother in Buruburu and he’s not in a hurry to move out or look for employment. This person asks for money to buy even the small clothes. Those who came before us are afraid that we won’t have a future because youths don’t have money in their pockets and in the banks.
Here are the reasons why the youths in Kenya are broke:
- Lack of enough employment opportunities
Unlike previously when employment opportunities were plenty, nowadays jobs are scarce. One job vacancy attracts up to 10,000 applicants. The saddest thing is that every year, over 50,000 youths graduate from various universities. Almost everyone wants to get employed.Eventually,they end up being jobless, desperate and broke.
The few available job opportunities are given to experienced people who are not youths.
- Living beyond their means
When youths get money, all they think is buying expensive clothes, expensive shoes, alcohol and spending on women. You find someone earning Ksh100, 000 per month but on date 10 they don’t have any money in their accounts.
One problem I always notice is that when someone gets a job, they move to high end estates like Kilimani,Kileleshwa and Langata where they pay rent in the neighbourhood of Ksh50,000.These are people earning below Ksh 150,000.Every month, you find them broke and with a lot of debts.
- Over borrowing
Youths have been addicted to borrowing especially from mobile loan companies. The money they borrow is not well utilized in a good way. Some of them end up wasting it on alcohol and women.
Mobile loans have impacted negatively on youths. You find that more than 90% of their income goes into paying loans.
They are not aggressive enough
Youths are not innovation, all they think of is looking for employment. Even without employment, they are just sitted waiting for jobs to come. They don’t want to start small, all they want is a job that pays Ksh100, 000 and above per month. If you tell a graduate to start as a messenger, he will never listen to you. Our youths want instant success, they don’t want to rise through the ranks.
Betting is another thing which has affected youths negatively. Currently, over 10 million youths place bets on monthly basis. In betting, it’s hard to generate profits—only 305 of gamblers benefit, the rest benefit betting sites.
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