Financial services are activities that support the economy and include banking, borrowing and saving. They also offer investment opportunities such as stocks and bonds. And they help individuals and businesses manage risks and protect their assets with insurance products like life, health, and property coverage.
In this sector, you’ll find everything from credit card companies and payment providers to investment firms, hedge funds, mutual fund companies, and private equity companies. You’ll also find an abundance of specialized roles like mortgage brokers, financial advisors, and accountants.
Governments often regulate the financial industry to ensure that consumers and businesses have access to safe and fair financial products. These regulations often involve licensing, inspection, and oversight. Some countries even have central banks that oversee the financial system as a whole.
The financial services sector is a critical part of the global economy. When it functions well, consumers can buy more goods and services, which helps the economy grow. However, if the financial services sector fails, it can cause an economic crisis and lead to recession.
Having control over personal finances makes people more resilient in the face of unexpected challenges, leads to better physical and mental health, and allows them to save for their future. That’s why it’s so important for the financial services industry to be at its best — especially in the wake of the coronavirus pandemic.
When it comes to financial wellness, there’s a lot that everyone can do. From making smarter spending choices to breaking the taboo around talking about money, you can make a difference by working in this industry.