Financial services are the activities that deal with the making, investment and management of money for both people and organisations. They include everything from banks, which hold your money to credit card companies, who charge you interest for using it.
The government regulates how these services work to protect the interests of the public who save through them. For example, a bank is required to keep your savings in an FDIC-insured account and can only borrow it out when you need it. They also offer various reinvestment options for those who wish to grow their savings through the company.
Insurance is a big part of financial services and protects people from the risks of death or injury. It can cover a house, car or even their health. Similarly, accounting professionals help small businesses with keeping track of their finances so they can pay accurate taxes.
The types of skills you need for a job in this industry vary widely, but math and data analysis are crucial. It’s also important to be able to work well with others. Some roles may be stressful, and it’s common to work long hours in this industry. This can make a career in financial services difficult for those who want to balance family life and other goals. However, the rewards of this industry can be great for those who are willing to work hard. Financial services are the backbone of economic development in a country. By promoting domestic and foreign trade, these services increase demand for goods which in turn increases production, employment and income. In the process, it also helps in improving the overall quality of living.