In recent years, there is a widespread belief that higher human development index score affects the level of financial development, and this relationship between them has been among the issues that researchers are interested. The aim of the study is to analyze the impact of human development on financial development for the period 2009-2018 for 19 APEC countries. In this study, the average of six good governance indicators (political stability, accountability, government efficiency, quality of regulations, prevention of corruption, rule of law) were used as control variables and dynamic panel data analysis was applied. According to the results of the study, while the human development index has a positive and significant effect on financial development, the effect of the good governance indicator used as the control variable on financial development is positive and statistically significant. Therefore, financial development, which is the most important factor of a favorable investment climate, positively affects development. In this context, it is expected that financial development will increase as the level of human development and good governance increase.