Structural Conditions for Financial Literacy Diffusion in Morocco: An ARDL Approach

In a worldwide context marked by increasing attention to financial literacy as a factor of financial inclusion, Morocco take part of this dynamic, seeking to improve the financial skills of its population. This article does not measure financial literacy directly but aims to explore the structural conditions that enable its diffusion in Morocco, using macroeconomic indicators such as income, employability, and education, along with financial infrastructure. Adopting a mixed methodology, this study combines both qualitative and quantitative analysis of the national context, including an overview of public policies, socioeconomic characteristics, and financial literacy initiatives, with a quantitative analysis based on an Autoregressive Distributed Lag (ARDL) econometric model. Bank branch density is employed as an indirect proxy for financial infrastructure, reflecting access to formal financial services in the absence of time-series literacy data. The results show that gross national income (GNI) per capita, the labor forces, and elementary school enrolment rates influence banking density, though without producing statistically significant effects in the long term. In the short term, only GNI has a temporary but not very robust impact. These results highlight the limitations of macroeconomic indicators alone in explaining financial literacy diffusion and underscore the potential role of structural factors such as digital innovation, governance, or inclusion of youth and female indicators.