This study examines current financial development indices, highlighting the need to incorporate sustainability and resilience metrics. It critically investigates three major indices: the IMF’s Financial Development Index, the World Economic Forum’s Financial Development Index, and the World Bank’s Global Financial Development Database through a comparative analysis. The authors propose the concept of a new Sustainable Financial Development Index (SFDI) that integrates indicators related to economic resilience and sustainability. The proposed composite index aims to provide a more comprehensive measure for policymakers to assess financial development across diverse economic contexts and promote sustainable growth and financial resilience.