What Does a Financial Services Job Entail?
A financial services sector job can be quite rewarding and exciting. It is an industry that encompasses everything from banks, mortgage lenders, credit card companies and brokers to investment funds, insurance agencies and reinsurance firms. A healthy and robust financial services industry is vital to the economy because it channels cash from savers to those who are in need of funds and redistributes risk. Without this, the world would be a much different place.
In the past, each sector of the financial services industry more or less stuck to its own specialty. For example, banks provided checking and savings accounts, while loan associations primarily offered mortgages and loans. However, during the 1970s and beyond, these sectors began to merge and expand their offerings to match what consumers wanted. Today, you’ll find that most major banks offer a full suite of products and services like money markets, mutual funds and mortgages. And, brokers and brokerage companies can now be found offering credit cards along with their investments in stocks, bonds and mutual funds.
Financial services providers act as intermediaries between savers and borrowers, collecting deposits and lending them out to individuals and businesses seeking capital for a wide range of purposes. These include starting a new business, purchasing a home, financing an education or paying for medical bills. Financial services also help people manage their debt and protect themselves against the unexpected. For instance, a person who owns a business may purchase liability insurance to cover damages from accidents that could occur on the premises. In addition, people who have outstanding debt can benefit from using a third-party service that negotiates with creditors to reduce the amount they owe or even eliminate their debt altogether.
There are several other types of financial services available to the public as well. These include global payment services like Visa and MasterCard, debt resolution services and accounting and taxation services. While the majority of these industries aren’t directly related to one another, they all play a critical role in our daily lives and can make a huge difference in the way we live our lives and conduct business.
Ultimately, the success of a country or region’s economy is directly tied to the strength of its financial services sector. When more people have control over their personal finances, they’re less vulnerable to economic fluctuations, are able to save for the future and are more likely to be responsible with their spending.
Ultimately, when more people feel confident and competent with their personal finances, the world as a whole benefits. This is why it’s important to break the taboo around talking about money and take steps towards financial wellness. By having more control over their finances, people are able to be more resilient in the face of hardship, enjoy better physical and mental health and save for the future. That’s why we work to empower and educate individuals through our education programs and campaigns like Talk Money Week.