© 2022 Elsevier LtdThis study investigates the impact of the natural resources abundance on financial development in the Kingdom of Saudi Arabia for the period of 1970–2017. We also consider economic growth, education, and capital formation in the finance demand function model. The Zivot and Andrews (2002) and Narayan and Popp (2013) unit root tests that take into account one and two structural breaks confirm that the independent variables are integrated of mixed orders. The Bayer and Hanck (2013) combined cointegration methodology and the autoregressive distributed lag bounds testing (Pesaran et al., 2001) verify the existence of the long-run association between natural resource abundance and financial development. Our findings show that natural resource abundance has a detrimental effect on financial development in the long run which can be mitigated by enhanced human capital. These findings have important policy implications which are discussed in the conclusion section of this article.