Learning financial literacy amongst adult Mauritians.

Abstract

Many countries, including Mauritius, have placed financial literacy high on their agenda, with stakeholders including banking and non-banking regulators, government policymakers and the financial industry considering it to be in their best interests to increase financial literacy and consumer awareness. This study assesses the perceptions and understanding of adult Mauritians regarding financial literacy. The research questions concern the state of financial literacy among the adult population, the means through which Mauritians become financially literate, how these learning experiences influence financial decision-making, and why acquisition of financial literacy happens in this way in Mauritius. The study was conducted with groups from varied geographical and socio-economic backgrounds, and tries to address the causal link between being financially literate and using this knowledge for financial decision-making. The findings will contribute to improving perceptions of financial literacy and its use in financial decision-making. Another aim is to identify the best tools, techniques and strategies that can be adopted to help the adult Mauritian population to become financially literate. Most financial literacy programmess are developed with little or no attention to adult learning theory, inclusive learning environments, or culturally responsive teaching. Rather they have been grounded more in financial risk investment models, life cycle consumption theories, or behavioural modification models adapted from a health behaviour model or a combination thereof. In this study both quantitative and qualitative research techniques are used to study the complexities of financial literacy, and substantial evidence has been amassed through this mixed-method approach. Questionnaires and semi-structured interviews were utilised in this concurrent mixed-method design. Findings from this study demonstrate the importance of financial knowledge for effective decision-making, while also indicating the usefulness of financial literacy for a good understanding of individual financial choices. This study also highlights the lack of institutional financial literacy initiatives, and its recommendations may be used to inform policymakers and practitioners on the best tools, techniques, and strategies for providing financial literacy to the population.