Is There a Pecking Order in the Demand for Financial Services in Mauritius?

Abstract

This article probes into the distinct forces that influence the demand for financial services/products in Mauritius. The major contribution of this study is that a decomposed assessment is made with respect to the demand for financial services/products, namely, bank accounts, mobile banking, shares, life assurance policies, and treasury bills. Findings show that financial literacy matters significantly, let alone a pecking order presence with demand for bank accounts predominating over any other type of demand for financial services. Policy-wise, this article calls for ongoing efforts to improve on financial literacy for sophisticated financial products like stocks and treasury bills.