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Financial Literacy and Education in Mauritius: A Growing Concern

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As the financial services sector continues to grow, it has become increasingly important for consumers and the public at large to have access to and understand relevant information before making informed financial decisions. In this regard, the Financial Services Commission (FSC) Mauritius has launched a new initiative, “Financial Literacy in Focus,” aimed at promoting public understanding of the financial system and awareness of the benefits and risks associated with different kinds of investments.

The Significance of Financial Literacy

According to statistics, the contribution of ‘Financial and Insurance activities’ to the GDP for 2016 is forecasted to be 12.0%, while that of Global Business activities is expected to be 6.2%. These figures highlight the significance of financial literacy in Mauritius.

FSC Initiatives

The FSC has been at the forefront of promoting financial literacy through various initiatives, including:

  • Consumer Outreach programme: aims to educate consumers on non-banking financial services and promote a culture of saving and financial planning.
  • Young Talent Competition (YTC): designed to encourage interest in financial services among students and create awareness about financial concepts.
  • La Minute de la Finance: a series of short radio clips, broadcasted on the Mauritius Broadcasting Corporation (MBC) Radio, providing simple messages relating to financial education.

Train-the-Trainer Programme

The FSC is also inviting individuals to register for its Train-the-Trainer Programme, which aims to train and empower individuals to promote financial literacy messages and impart financial education to a large spectrum of people. Upon completion of the programme, trainers will be enrolled to disseminate financial education to the public on a freelance basis with incentives.

Outreach Sessions

In light of these initiatives, it is essential for consumers to prioritize their expenses and save for the future. To this end, the FSC will be conducting outreach sessions in various parts of the island, including:

  • Baie du Cap Community Centre: February 7, 2017
  • Pointe aux Piments Recreational Centre: February 13, 2017

Conclusion

By promoting financial literacy, the FSC aims to reach out to the Mauritian population at large and empower individuals with the knowledge and skills necessary to make informed financial decisions.