Financial services, including banking, wealth management, and insurance, are the economic sector that helps NYC and the nation grow and succeed every day. With a career in this exciting industry, you’ll make a difference for others every day.
The financial sector includes a broad range of businesses that manage money, including credit unions, banks, credit-card companies, investment funds, individual managers and some government-sponsored enterprises. They provide a variety of services to their clients, including consumer finance, investment banking, securities brokerage, and mortgages.
They also offer a variety of products, including insurance and stock brokerage. Their work is complex and often requires regulation.
These companies help channel cash from savers to borrowers and redistribute risk. This is important for the economy because without them, people might be reluctant to borrow or stash their savings away.
They can also increase the return on savings by aggregating them and monitoring investments. This allows investors to keep their money safe while still allowing them to invest in the next big thing.
Their services help producers sell more goods and earn more profits. In addition, they also attract more investment which leads to growth in the capital market.
They also contribute to increasing consumer awareness and financial wellness by helping people to understand their debts, basic money management, and how to choose the right financial products. The industry faces widespread lack of knowledge about these topics, with nearly nine million people in the UK over-indebted and more than half feeling anxious about their finances.