Empirical Study on Financial Education in Morocco: Compliance with OECD Standards

Abstract

In recent years, increasing concerns have emerged regarding the level of financial literacy among consumers worldwide. In a sample of 1000 respondents in Morocco, it is revealed that Moroccans' level of financial education remains low, falling below the OECD average. These consumers are often inclined to make financial decisions that appear irrational. This situation is exacerbated by issues such as the high rate of non-repayment of loans in Morocco, despite a respectable level of banking penetration, as well as access to expensive forms of financing when cheaper alternatives are available. Budget management, retirement planning, and financial planning also pose challenges. These major shortcomings are primarily attributable to a lack of knowledge, skills, and financial attitudes among Moroccan consumers, mainly resulting from an asymmetry and insufficiency of information on the concepts and financial instruments necessary for informed and rational decision-making. Currently, the international community unanimously recognizes the necessity of financial education as an essential pillar for every citizen. This pressing requirement stems mainly from the increasing consumption pressure, which now also affects young people globally, and the growing complexity of financial products and services. Although developing a universal solution remains a challenge, most advanced nations in this field have chosen to adopt the guidelines suggested by the OECD. This approach aims to better address current challenges, in an increasingly complex global context.

Keywords: Financial education, retirement, financial decisions, planning.

JEL Classification : I22, I23

Paper type: Empirical Research