Financial services are a backbone of the society and have pervasive influence on all socio-economic indicators. They are used for personal, business and government purposes. The practice, standards and operations of the industry have a major impact on the overall economy of the world. However, various circumstances have kept a significant section of the population out of financial services net. The gap is a challenge for the business, civil societies and governments to bridge.
Whether it is an insurance policy that protects you from the cost of rebuilding or replacing your possessions in the event of a disaster or an investment account that helps you grow and manage your wealth, these are all financial services. Other examples of financial services include credit card networks and exchanges, currency trading services, banks, credit rating agencies, and debt resolution services.
Careers in financial services are well paid, but the work can be stressful. It is a highly competitive field, and people are generally hired based on merit. It is a good idea to keep current on the latest developments in the industry by reading daily business publications such as The Wall Street Journal and Value Line. Many libraries offer free access to these publications.
The health of a country’s financial services sector is a key indicator of its overall economic strength. A strong economy means individuals can earn and spend money, which drives consumer spending, investment and savings. When the industry falters, recessions follow. The industries of banking, insurance and investments are interconnected, so if one segment of the industry weakens, it can quickly spread to other sectors.
