Can financial planning be applicable to the underdeveloped countries?

An important factor for these types of programs to be successfully implemented is the ability of states to develop effective public financial planning. Climate-related risks require dual management. First, disaster risk reduction and adaptation to climate change can help countries reduce expected climate-related losses. However, these investments cannot completely isolate countries from heavy losses caused by disasters.

Disaster risk finance in general and insurance in particular can help reduce the direct and indirect cost of disasters. For example, experience shows that delays in emergency and early recovery activities after a disaster primarily affect the poor and have an impact on long-term development. These delays are sometimes due to lack of financial resources. .

Search for more articles by this author. The results show that financial inclusion can increase rapidly as GDP increases, and that GDP growth can increase the level of financial inclusion. In accordance with the review of previous literature and its findings, this article seeks to investigate financial inclusion and economic development in the selected countries through the use of development variables and to find the relationship between financial inclusion and income inequality. More than 1 billion people in developing Asia do not have access to formal financial services, such as bank accounts (only 27% of adults have an account with a formal financial institution) (Le, Chuc, et al.

As set out in SDG 17, effective public financial planning will be crucial to mobilize resources to finance progress on other SDG goals. Financial inclusion (FI) can be defined as the process that ensures that individuals, households and businesses in a community have adequate access to formal financial services and products, such as transactions, credit cards, payments, savings and insurance, and that these are provided in a sustainable manner (Singh %26 Singh Kondan, 201.Financial inclusion and its impact on financial efficiency and sustainability, empirical evidence Rica from Asia). Research on this topic has defined financial inclusion and financial exclusion in several contexts, including inclusion or exclusion from social activities. Since people living outside cities have less access to financial institutions, this poses a problem in the countries studied, where agriculture is an important pillar of the economy and where greater financial inclusion is essential for agricultural development.

Sarma (201), in another study, used data from the World Bank database called Global Financial Inclusion (Global Findex), to demonstrate the positive and significant relationship between development and financial inclusion. In general, the empirical results of this research may be of particular interest to policymakers and other regulators to define impactful policies that promote financial inclusion in the least developed countries of Asia and Africa, ensuring the establishment of appropriate financial services and tools and the elimination of cultural and economic barriers. Park and Mercado (201) similarly illustrate that changes in the regulation of the financial system led to a decrease in inequality and promoted banking and financial stability. In particular, this study aims to examine the relationship between financial inclusion and development by empirically identifying country-specific factors that are associated with the level of financial inclusion.

An important way to develop effective public financial planning is to strengthen political institutions, providing effective checks and balances to the discretionary power of the executive. Innovations in banking and financial systems are essential to increase the level of financial inclusion, increase prosperity and reduce poverty in the least developed countries of Asia and Africa. The literacy factor in terms of financial inclusion for women is lower than that of men; this shows that women in the countries studied are less financially inclusive than men. .