Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Management of Financial Institutions

Subject Categories

Finance and Financial Management


Ramon V. Del Rosario College of Business


Financial Management Department

Thesis Advisor

Rene B. Betita

Defense Panel Chair

Dioscoro Baylon, Jr.

Defense Panel Member

Ahmed N.Y. Meandahawi
Ronald Ednalan, Jr.


In the past two decades, human development has become very much of global importance through the Sustainable Development Goals (SDGs) which advocates for the absence of poverty, presence of quality education, great health, and decent work. With this, the research paper can help to improve the Financial Inclusion of the nations by analyzing Human Development Dimensions which significantly impacts Financial Inclusion and its root cause, further eradicating poverty. Together with this is the promotion for increased financial inclusion among nations globally so as for them to be able to participate in the global financial system. However, previous research studying the relationship of these two variables focused on cross-sectional analysis mostly in India and African nations. Furthermore, the use of measures vis-à-vis financial inclusion were limited to one or two indicators. To address such gaps, this study aims to determine the influence of human development and financial inclusion in the ASEAN5 from 2015 to 2019. Using longitudinal data from the World Bank, the study made use of panel data regression analysis to assess the said effect. This study found that human development significantly impacts financial inclusion both in access and usage. Further investigation on the sub-components found that life expectancy does not have a significant effect on all access to financial inclusion measures as well as on some indicators on usage to financial inclusion. Income reported a significant effect on all access to financial inclusion indicators as well as some indicators on usage to financial inclusion. Education was found to be partially significant in explaining the different measures to access and usage to financial inclusion. Recommendations for firms, governments in the ASEAN5, academe, and future researchers are provided based on the stated conclusions. Keywords: Human Development, Financial Inclusion, ASEAN5

Abstract Format







Quality of life—Southeast Asia; Financial services industry—Southeast Asia

Upload Full Text


Embargo Period