When we talk about financial services it’s businesses that manage money from credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises.
Money makes the world go round this we know therefore anything that’s related to the managing of money will ultimately result in a growth, especially for any economy to run well and be sound such as in developed markets.
The managing of money is very important. Hence professions in the financial industry are still the most sought after. This can also indicate a growth in financial services from being an accountant, an auditor, even a stock broker. These financial professions also gain an accumulation in high net income. This shows that anything that’s related to the managing of money will ultimately result in a growth.
Just as with a financial service business such as insurance companies. Even though some people may perceive insurance as a grudge purchase or may not even purchase insurance, such as car insurance. But what still remains is that insurance is still a necessity. Therefore the need and purchase for insurance can mean a growth in financial services too.
This is because insurance is a means of protection from financial loss. It’s a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. And in instances of homeowners, insurance is actually mandatory when you’ve a mortgage. If you borrow money from the bank to purchase a home they’ll require the asset to be insured. Therefore the need and purchase for insurance can mean a growth in financial services.
