Financial services is a broad term that encompasses all kinds of money-related activities. It’s a sector that includes thousands of depository institutions, providers of investment products and insurance companies.
A financial good is a thing that’s purchased with your money, such as a mortgage or an insurance policy. The service that goes into securing your purchase, like inspecting or valuing the product, is also a financial service.
The financial industry is an essential part of the economy, and it helps generate employment and economic development. Banks, insurance companies and credit card firms are examples of the financial services industry.
Some financial services industries are for-profit businesses, while others are nonprofits. The finance sector is regulated by governments, so that the public has a high degree of protection when using these services.
Job titles in this industry range from “investment banker” to “real estate agent.”
Most of the jobs in the industry have a lot of crossover, says Duitch, and they don’t all need an academic degree. It’s more important to have interpersonal skills, as many careers in this sector require you to work with other people.
It’s crucial for financial service providers to help build their customers’ financial wellbeing. This can include ensuring they understand their finances and making it easier for them to make good financial decisions. It can also mean building resilience to unexpected events, better physical and mental health and saving for the future.