Determinants of Human Wellbeing and its Prospect Under the Role of Financial Inclusion in South Asian Countries

This study aims to examine the impact of financial inclusion on human well-being in South Asian countries from 1996 to 2020. Specifically, Pakistan, India, Sri Lanka, and Bangladesh were selected for this investigation. Human well-being is treated as the dependent variable, while financial inclusion, health facilities, voice & accountability, income inequality, corruption, education facilities, and the unemployment rate are considered independent variables. The study's findings indicate that financial inclusion, health facilities, and education facilities have a positive and significant impact on human well-being. The improvement of health and educational facilities not only creates more employment opportunities but also contributes to the enhancement of income, education, and health status within a nation. These results explain that selected South Asian countries should prioritize the promotion of education and health facilities to elevate the overall level of human well-being. Voice & accountability, along with corruption, exhibit an inverse and significant influence on human well-being in selected South Asian countries. Income inequality, on the other hand, shows an inverse but insignificant impact on human well-being, while unemployment has a significant and positive influence. Based on the estimated results, it is recommended that to enhance the level of human well-being in South Asian countries, there is a need to improve financial inclusion, health facilities, and educational facilities.