L’Financial savings in Morocco has not yet found its strategic role in financing development. The first quarter of 2025 testifies to this: according to the latest High Commission for Planning (HCP), only 11.2% of Moroccan households consider it to be able to spare during the year. A figure that reveals both the fragility of the national socioeconomic fabric and the limits of the current financial intermediation model.
“From a classic economic perspective, high savings is reflected in an increase in the resources available for investment, thus strengthening the supply of capital and supporting economic growth,” explains Hassan Edman, professor of economics and management at the Faculty of Legal, Economic and Social Sciences of Agadir.
However, he underlines, this dynamic does not yet begin in Morocco, where a large part of savings remains captured in the form of liquid deposits, far from investment circuits. Indeed, nearly 710 billion dirhams are placed in visual deposits or conventional savings accounts, a reflection of a prudence strategy in the face of persistent economic uncertainties. This “precautionary” savings limits the transformation of the capital available into productive investments, slowing down the long -awaited growth dynamics.
The HCP conjuncture survey highlights a worrying reality: 55.8% of households indicate that their income barely covers their expenses, while 42% are forced to go into debt or draw on their previous savings to meet their needs. In a context of persistent inflation, where 97.6% of households find a continuous increase in food prices, the ability to save becomes a luxury reserved for a minority.
-To this direct economic constraint are added more structural factors: low financial inclusion, insufficient budgetary education, distrust of banking institutions and an offer of savings products still too limited to seduce a diversified clientele. “Savings, to develop, needs a stable, transparent environment and an offer accessible to all, especially in rural areas,” says Hassan Edman.
The necessary cultural change of savings
To take up this challenge, Hassan Edman believes that it is necessary to act on several fronts simultaneously. Improving purchasing power is first -line priorities: according to Keynesian theory, the propensity to spare naturally increases with the elevation of disposable income. Thus, public policies oriented towards the revaluation of wages, the protection of purchasing power and support for vulnerable households are essential. At the same time, the development of an offer of simple, flexible and secure financial products appears essential to attract popular savings.
Edman insists on the importance of making savings accessible, including in rural regions, and to restore confidence in financial circuits by a clear and predictable regulatory framework. The consolidation of an investment culture must also become a national priority. From an early age, financial education should allow citizens to better understand the mechanisms of savings and investment, encouraging them to engage in more dynamic and useful investments for the real economy. While certain signs of emerging improvement, including assets under the management of UCITS that crossed 740 billion dirhams at the end of April 2025, most of the path remains to be traveled. The dynamics remain concentrated on institutional segments, while the expansion of investment to households remains timid. “It is not only a question of increasing savings, but of transforming the way in which it is mobilized,” summarizes Hassan Edman.
