Global Financial Inclusion Determinants: Indebtedness, Adult Literacy, Inflation, Unemployment and Economic Growth

Majority of existing studies have a country-specific, cross-country, and regional focus, but none of these studies have examined the determinants of global financial inclusion using world average data. This study examines the determinants of global financial inclusion from 2005 to 2023 using world average data obtained from the world development indicators. The study used multiple regression estimation methods namely the fully modified ordinary least squares (FOLS) regression method, the generalized linear model (GLM) regression method, and the quantile regression method. The findings reveal that global indebtedness has an adverse effect on global financial inclusion while adult literacy rate is beneficial for global financial inclusion. Inflation, unemployment, and economic growth do not have a significant effect on global financial inclusion.