Financial services are a broad range of businesses that manage money, including banks, credit unions, pension providers, stock brokerages and investment funds. This sector is a key part of the economy and plays an important role in economic growth.
Investing and Saving with Financial Services
In order to improve their standard of living, people have to make use of financial services. For example, they can obtain various types of products such as houses, cars and other essential things through hire purchase or leasing. In addition, they can raise funds through securities market and can get insurance against various risks.
Banks, brokers and mortgage lenders are all members of the financial services industry. These firms help you buy a house or a car, but they’re also not the goods themselves: banks are places where you store your money, brokers help you trade stocks, and mortgage lenders give you loans that you pay back with interest.
Managing the Money Supply
The financial services sector plays a key role in controlling the supply of money. This is done by keeping the supply of currency stable and managing inflation. It also helps the government to control its money supply by raising short-term funds in the form of treasury bills and long-term funds by the sale of bonds in the securities market.
The industry is a key player in New York, the United States and the world. If you work in banking, wealth management or insurance, you can expect to make good money and work with a team of professionals who are committed to your success.