Rabat, Morocco (TMT)- Moroccan families face challenging financial times, according to a recent report from the High Commission for Planning. The report shows that many families are struggling to make ends meet, with only 51.2% of them reporting that their income covers their expenses during the first quarter of 2023.
The report also reveals that 45.4% of families have depleted their savings or resorted to borrowing to meet their financial obligations. In contrast, only 3.4% of families have been able to save a portion of their income. This indicates that many families are living paycheck to paycheck and are not able to save for unexpected expenses or emergencies.
The financial situation for many Moroccan families has worsened in the past year, with 61.2% of families reporting a decline in their finances. Only 4% of families reported an improvement in their financial situation during the same period. Looking ahead, 18.9% of families expect their financial situation to improve in the next year, while 24.1% expect it to worsen.
The report also highlights that only 12% of families reported being able to save in the next 12 months, while 88% said they cannot save. This lack of savings could leave families vulnerable to financial shocks such as unexpected medical bills, job loss, or other emergencies.
Finally, the report notes that 98.7% of families stated that food prices had increased during the last 12 months. This increase in prices, coupled with the financial struggles faced by many families, highlights the urgent need for measures to support those who are struggling financially.
The report’s findings paint a bleak picture of the financial situation for many Moroccan families.
The Moroccan Times.