Only 39% of Mauritians Possess Adequate Financial Literacy

Despite a literacy rate over 90% in Mauritius, only about 39% of the population possesses strong financial knowledge, Ketvi Roopnarain, founder of OuiMoney has revealed. 

Speaking to Defi Media, Roopnarain emphasised a significant gap between what is taught in financial education and practical knowledge.

She urged consumers to seek information before taking out loans, stressing the importance of understanding good debt versus bad debt.

She also recommended creating a budget to better manage income and expenses, prioritising essential expenses.

Jayen Chellum, Secretary of the Association of Consumers of Mauritius, highlighted the diverse financial situations of consumers, ranging from the wealthiest to the poorest, with the latter representing 29% of the population.

Economist Manisha Dookhony pointed out that the depreciation of the rupee and increased key rates have further strained households. She noted a rise in repayment rates, resulting in an increasing number of households struggling with debt.

Source: Defi Media