The financial services sector is comprised of a broad range of service sector firms that provide money and investment related products and services. The sector includes credit unions, banks, fintechs, insurance companies and pensions providers among others. Financial services also include a number of intermediaries, such as brokerages, debt resolution companies and global payment systems and networks.
The scope of financial services is broad and varied, but the industry is crucial to a country’s economy. Consumers, businesses and governments all use financial services to manage their money. This can be done through a variety of tools, including lending, investing, saving and borrowing.
Having control over personal finances makes people more resilient when faced with unexpected events, leads to better physical and mental health, and allows them to save for the future. The financial services sector can help people improve their financial wellbeing by providing the right advice and offering the right products to suit their needs.
Careers in financial services can be highly rewarding and offer a great deal of flexibility in terms of work life balance. They also tend to pay more than other industries, so are an excellent choice if you want to get into the finance world with the aim of making a good salary from the start. The sector is extremely regulated, so if you’re considering a job in financial services, it is important to do your research and make sure you’re working for a legitimate firm that will have your best interests at heart.