The effects of financial literacy on strengthening financial inclusion in Morocco

This study investigates the impact of financial literacy on promoting financial inclusion in Morocco, specifically examining how individuals' comprehension and management of personal finances influence their access to, and utilization of, formal financial services. Financial literacy is conceptualized as an essential component of human capital that enables individuals to make informed financial decisions. It encompasses multiple interrelated dimensions, including fundamental financial knowledge, financial culture, as well as competencies related to managing and effectively utilizing financial information. To achieve this objective, the study applied a mixedmethod research approach, involving quantitative surveys through structured questionnaires and qualitative semistructured interviews, conducted with a representative sample of Moroccan citizens aged 15 years and older. The data collection phase was conducted over a twelve-month period, from September 2022 to September 2023. For the analysis, SPSS software was employed for quantitative data processing, whereas NVivo software facilitated the qualitative evaluation of interview data. The findings demonstrate that despite respondents exhibiting a satisfactory level of financial literacy, this alone does not result in widespread financial inclusion. Various significant barriers were identified, particularly prohibitive costs associated with financial services, persistent geographical limitations, and a general lack of trust in financial institutions. Furthermore, insufficient financial literacy was highlighted as the primary obstacle impeding access to financial services, followed by geographic constraints and service-related expenses. To address these challenges, the study advocates systematically integrating financial education into educational curricula at all levels and implementing extensive public awareness initiatives. Additionally, it recommends reducing financial service costs, enhancing the quality of financial services, and fostering technological innovation, which collectively could significantly improve financial inclusion within Morocco.