Financial services is a large industry that includes banks, loan associations and brokers. Banks provide checking and savings accounts, while loan associations and brokerage companies offer mortgages and credit cards.

Insurance is another common sector in the financial services industry. It enables consumers to purchase products that cover expenses related to things like health, auto and home maintenance. Moreover, some of these products provide a safety net to pay for unexpected expenditures.

In many countries, the government oversees the financial services industry through licensing and regulation. This aims to foster trust among consumers and providers.

The industry is a big contributor to the economy, as people use their services for everything from a home mortgage to an insurance policy. Similarly, it also allows businesses to borrow money in order to buy equipment and expand their businesses.

Job satisfaction is very high for professionals in this industry. According to a survey, these professionals reported a job satisfaction rating of 9.6 out of 10.

Having a global reach is a huge benefit for those in the financial services industry. Those with a career in this field have a variety of opportunities to relocate and transfer between firms all over the world.

Having a strong and stable financial services sector is critical to economic growth in a country. When a nation’s financial system is strong, the population generally earns more and spends more. When the system is weak, it can lead to an overall decline in a country’s economic health.