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on Financial Literacy and Education |
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Issue of 2026–03–09
seven papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Mouzoun Zakarya (ENCG - UIT - ECOLE NATIONALE DE COMMERCE ET DE GESTION - KENITRA); Ammi Anouar (ENCG - UIT - ECOLE NATIONALE DE COMMERCE ET DE GESTION - KENITRA) |
| Abstract: | The article examines the relationship between financial literacy and access to financial services in Morocco, within a context marked by the rapid digitalization of banking services and the progressive implementation of the National Financial Inclusion Strategy (SNIF). Grounded in a positivist paradigm and a quantitative, hypothesis-driven approach, the study draws on a questionnaire survey administered to a sample of Moroccan individuals. The collected data was processed through Principal Component Analysis (PCA) using SPSS, enabling the identification of latent dimensions that structure access and usage behaviors related to formal financial services. The PCA results reveal two main components. The first corresponds to an "effective inclusion" dimension, accounting for 21.18% of the total variance, and relates to the ownership and regular use of financial services such as bank accounts, electronic payment tools, credit products, and insurance. This dimension reflects the transition from simple bank account ownership to an active and sustained engagement with financial services. The second component, explaining 10.81% of the variance, captures factors associated with financial literacy and institutional trust, influenced by exposure to financial education programs, perceived levels of information, and residential characteristics (urban vs. rural). This axis highlights the importance of cognitive competencies and perceived institutional reliability in shaping individuals' financial decisions. The findings demonstrate that financial literacy is a key determinant of individuals' understanding, appropriation, and informed use of financial services, thereby fostering economic empowerment and integration into the formal financial system. The study further underscores the need to strengthen public policies focused on financial education, institutional transparency, and inclusive digitalization of financial services. Finally, the conclusions suggest that improving both financial literacy and institutional trust is essential to reducing access inequalities and supporting sustainable financial inclusion in Morocco. |
| Abstract: | L'article examine le lien entre la littératie financière et l'accès aux services financiers au Maroc, dans un contexte marqué par la digitalisation rapide des services bancaires et la mise en œuvre progressive de la Stratégie Nationale d'Inclusion Financière (SNIF). Inscrite dans un paradigme positiviste et une démarche quantitative hypothético-déductive, l'étude s'appuie sur une enquête par questionnaire administrée auprès d'un échantillon d'individus marocains. Les données recueillies ont été traitées à l'aide d'une Analyse en Composantes Principales (ACP) sous SPSS, permettant d'identifier les dimensions latentes qui structurent les comportements d'accès et d'usage des services financiers formels. Les résultats de l'ACP révèlent deux axes principaux. Le premier correspond à une dimension d'inclusion effective, expliquant 21, 18 % de la variance totale, et renvoie à la détention et à l'utilisation régulière de services financiers tels que les comptes bancaires, les moyens de paiement électroniques, les prêts ou les assurances. Cette dimension traduit le passage d'une simple bancarisation à une véritable utilisation active des services financiers. Le second axe, représentant 10, 81 % de la variance, reflète des facteurs liés à la littératie financière et à la confiance institutionnelle, influencés par l'exposition aux programmes d'éducation financière, le niveau d'information perçu, ainsi que les caractéristiques du milieu d'habitation (urbain/rural). Cet axe met en évidence l'importance des compétences cognitives et de la perception de fiabilité du système bancaire dans les choix financiers. Ces résultats soulignent que la littératie financière constitue un déterminant majeur de la compréhension, de l'appropriation et de l'usage éclairé des services financiers, favorisant ainsi l'autonomisation économique et l'intégration des citoyens dans le système formel. L'étude met également en lumière la nécessité de renforcer les politiques publiques axées sur l'éducation financière, la transparence institutionnelle et la digitalisation inclusive des services financiers. Enfin, les conclusions suggèrent que l'amélioration simultanée du niveau de littératie et de la confiance institutionnelle constitue une condition indispensable pour réduire les inégalités d'accès et soutenir une inclusion financière durable au Maroc. |
| Keywords: | Maroc., Analyse en Composantes Principales, Confiance institutionnelle, Accès aux services financiers, Littératie financière, Inclusion financière |
| Date: | 2026–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05442572 |
| By: | Omaima Kassim (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT); Mustapha Chami (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT) |
| Abstract: | Financial inclusion has emerged as a key driver of both economic and social development, insofar as it conditions the integration of populations into dynamics of growth and inequality reduction. In Morocco, despite progress achieved in terms of banking penetration, a significant proportion of the population (particularly women, rural inhabitants, and micro-entrepreneurs) remains excluded from the formal financial system. In this context, financial technologies are emerging as a transformative lever by offering innovative and accessible solutions capable of addressing the structural limitations of traditional banking institutions. Their contribution, however, depends on several factors: bridging the digital divide, strengthening financial and digital literacy, improving infrastructure, and consolidating an inclusive regulatory framework. The effectiveness of FinTech in promoting sustainable financial inclusion will ultimately hinge on the articulation of these conditions. This article seeks to explore how FinTech can establish itself as a key tool for financial inclusion in Morocco. It will analyze current trends in the Moroccan FinTech market, the most promising innovations, as well as the challenges that must be addressed to fully harness the potential of these two technologies in advancing financial inclusion. Drawing on recent data and comparing the experiences of different countries, it will also assess public policies and private initiatives that could foster the development of FinTech as a driver of more equitable and sustainable financial inclusion. This study is based on a rigorous documentary review drawing on high-quality scientific articles selected following the methodological framework proposed by Tranfield et al. (2003), the analysis proceeds through five key stages: planning, source identification, study selection, data extraction, and synthesis of findings. |
| Abstract: | L'inclusion financière représente aujourd'hui un déterminant majeur du développement économique et social, dans la mesure où elle constitue un facteur important pour l'intégration des différentes catégories de la population aux dynamiques de croissance et de réduction des inégalités. Au Maroc, malgré les progrès enregistrés en matière de bancarisation, une part significative de la population, notamment et les micro-entrepreneurs, les habitants des zones rurales et les femmes, demeure exclue du système financier formel. Dans ce contexte, les technologies financières s'affirment comme un levier de transformation en offrant des solutions innovantes et accessibles, capables de pallier les limites structurelles des institutions bancaires traditionnelles. Leur contribution reste toutefois tributaire de plusieurs facteurs : réduction de la fracture numérique, renforcement des compétences financières et numériques, amélioration des infrastructures et consolidation d'un cadre réglementaire inclusif. C'est de l'articulation de ces conditions que dépendra l'efficacité des FinTech dans la promotion d'une inclusion financière durable. Cet article vise à explorer comment la fintech peut s'imposer comme un outil clé pour l'inclusion financière au Maroc. Il analysera les tendances actuelles du marché fintech marocain, les innovations les plus prometteuses, et les obstacles à surmonter pour maximiser l'impact de ces technologies sur l'inclusion financière. En mobilisant des données récentes et en comparant les expériences de différents pays, nous évaluerons également les politiques publiques et les initiatives privées qui pourraient favoriser l'essor de la fintech en tant que moteur d'une inclusion financière plus équitable et durable. Ce travail repose sur une revue documentaire rigoureuse, réalisée à partir d'articles scientifiques sélectionnés en s'appuyant sur le cadre méthodologique de Tranfield et al. (2003), l'étude suit cinq étapes clés : planification, identification des sources, sélection des études, extraction des données et synthèse des résultats. |
| Keywords: | planification identification des sources sélection des études extraction des Inclusion financière fintech (technologie financière) Classification JEL : G23 Type du papier : Recherche théorique Financial inclusion Fintech ( Financial technology) JEL Classification : G23 Paper type : Theoretical Research, Technologie financière, Inclusion financière, extraction des Inclusion financière, fintech (technologie financière) Classification JEL : G23 Type du papier : Recherche théorique Financial inclusion, Fintech ( Financial technology) JEL Classification : G23 Paper type : Theoretical Research |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05413579 |
| By: | Paola Boel; Daniela Puzzello; Peter Zimmerman |
| Abstract: | In 2023, over 18 percent of US households were either unbanked or underbanked, a group commonly referred to as financially underserved (e.g., see Burhouse, Navarro and Osaki (2016)). Prior work and survey evidence identify a lack of broad-scope trust in banks as an important reason for financial exclusion (e.g., FDIC (2024), Falcettoni and Nygaard (2025), and Xu (2020)). Yet it is not clear whether this mistrust is unique to banks or whether it extends to other institutions, such as government entities or nonbank providers of account services. This distinction matters for policymakers when considering how to serve this segment of the population. If mistrust is specific to banks, then alternative providers of account services — such as nonbanks or government entities — could improve access to the financial system. But if mistrust extends to alternative providers, then financial education or other trust-building initiatives might be more effective at increasing financial inclusion. To address this gap, we designed our own surveys and fielded them to a sample of unbanked and underbanked individuals in the US. We elicited their levels of trust in various institutions, including different types of banks, government-related entities, and alternative payment providers. Using principal component analysis, we identify three dominant components of the trust scores which we label, in descending order of importance: (1) broad-scope trust, (2) concerns about traditional financial institutions, and (3) preference for a physical business presence. We explore how sociodemographic characteristics, including income, age, education, race and political affiliation, affect these components of trust. |
| Keywords: | Financial access; trust |
| JEL: | D10 G21 G40 G50 |
| Date: | 2026–03–02 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedcwq:102833 |
| By: | Philippe d’Astous; Franca Glenzer |
| Abstract: | Previous research shows that the level of confidence in one’s financial ability is important for decision-making, especially in the realm of retirement planning. We expand on this literature by using survey responses to objective and subjective measures of financial literacy and retirement knowledge. We find that even though overconfident individuals are more likely to state that they have a retirement plan, they are less likely to have registered retirement savings, and when they do, they hold lower balances. Our findings highlight a potential mechanism in which overconfidence in one’s knowledge of the retirement system raises expected income replacement rates, which—consistent with a standard consumption–saving model—reduces private saving. Overconfident individuals also have biased inflation perceptions but take fewer protective actions to mitigate the effect of inflation. Finally, we find that overconfident individuals decrease their scores with repeated participation in different waves of the survey. These results suggest that calibrating confidence about one’s knowledge of the retirement system and of macroeconomic factors may be important for improving private retirement saving. |
| Keywords: | Overconfidence, Financial literacy, Retirement, Inflation |
| JEL: | D14 G53 J26 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:rsi:irersi:22 |
| By: | L. Randall Wray |
| Abstract: | The over-hyped Dot.com revolution bubbled and crashed at the end of the 1990s, leaving a largely unused physical and virtual infrastructure that eventually supported the rise of social media that did--indeed--transform life. Not necessarily in a good way. As Robert Gordon famously claimed, you can see the evidence of the digital revolution everywhere except in the data. Still, many billionaires were minted. After nearly a quarter century of growth, it seemed to have run its course until digital tech moved into the payments system promising another revolution based on cryptocurrencies. That, too, was over-hyped until Trump's reelection loosened rules to allow crypto to infect the financial system, targeting in particular the accumulated retirement savings of Americans. More billionaires minted. As P.T. Barnum (purportedly) proclaimed, "there's a sucker born every minute" and they add up but the number is still finite. The latest revolution is AI and it has generated the biggest bubble, by far. We are still in the early stages, but not only is AI almost single-handedly driving the stock market, it is also driving the "real" economy with its investments in data centers. One-hundred and three American billionaires were created since 2024, many of those owing to AI-related stock prices and investments. This paper will look in detail at the claims made for AI, the financial arrangements that are supporting its growth, and the dangers it poses for the US (and global) economies. While some argue that the current bubble looks little like the Dot.com bubble, that is true, but beside the point. The fragile financing of the AI bubble looks much more like the financial shenanigans that crashed into the Global Financial Crisis, and--unlike the Dot.com bubble that left us with a physical infrastructure that would eventually prove useful--the AI bubble will leave behind waste and destruction. |
| Keywords: | Artificial Intelligence; financial fragility, AI bubble; tech billionaires; financial fraud; technological revolution; Dot.com bubble; Global Financial Crisis; fraud; innovation; labor displacement by robots |
| JEL: | B52 E22 E32 O11 O16 O31 O38 O43 P17 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1107 |
| By: | Varsha Vaishnav (Indira Gandhi Institute of Development Research); Srijit Mishra (Indira Gandhi Institute of Development Research) |
| Abstract: | Women's access to financial resources is not only intrinsically important but also has instrumental relevance for household well-being. To shed light on this issue, this study examines the relationship between women's access to a bank account and household multidimensional poverty, using nationally representative data on rural households from the 5th round of the National Family Health Survey (NFHS). To address potential endogeneity of women's bank account ownership, we employ a recursive bivariate probit model with an exclusion restriction. The results indicate a significant negative relationship between women's bank account ownership and household multidimensional poverty. This result is robust across alternative estimation methods, censored and uncensored measures of multidimensional poverty, and a sample restriction. Moreover, the effect is stronger in states and union territories (UTs) with lower levels of patriarchy. An improvement in women's status, facilitated by access to a bank account, is offered as a plausible explanation for the main finding. We make two key contributions relative to existing Indian studies. First, we assess the instrumental relevance of women's access to a financial resource for household multidimensional poverty, rather than focusing on household-level access. Second, we adopt a more comprehensive measure of multidimensional poverty by drawing on the global MPI and enhancing it through a modification of the education dimension. |
| Keywords: | Bank Account, Women's Status, Patriarchy, Multidimensional Poverty, India, Probit Model |
| JEL: | D14 I32 C25 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:ind:igiwpp:2025-022 |
| By: | Nathalie Oriol (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur); Maggie Chen (Cardiff University); William Knottenbelt (Imperial College London); Iryna Veryzhenko (Cnam - Conservatoire National des Arts et Métiers [Cnam]) |
| Keywords: | Digital finance, Crowdfunded securities, Financial services |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05236865 |