5 Ways the Financial Services Industry Makes the World go Round
20 Jun, 2011, 12:18 BST
LONDON, June 20, 2011 /PRNewswire/ --
Financial services are everywhere. We rely on them to look after our money, to provide finance for the homes we live in, to help us save for the future and to fund the organisations we work for. Financial services also enable the trade that has been a major factor in rising global prosperity. Here, TheCityUK (http://www.thecityuk.com/) looks at just how financial services have changed our world.
- Providing homes to live in
A century ago, nine out of ten homes were rented from private landlords. Today, more than two-thirds of homes in the UK are owned by the people who live in them. UK financial services have helped millions of people to buy their homes and continue to support the growing numbers of private landlords and housing associations that provide quality rental properties in Britain.
- Saving for the future
Some people put money away for a rainy day. Others want to save up for expensive items such as a new kitchen, a car, a holiday or the deposit for a home. And many save over the longer term to provide funds for their retirement. Whatever you do, competition in the financial services industry has created a huge range of choice when it comes to making sure your savings are working for you.
- Backing business and enterprise
From the bank account for their day-to-day expenditure to insurance cover for their assets and funds to help them grow, most businesses would find it hard to function without financial services. The financial services industry has developed many ways of providing such support, which helps create jobs and provide the goods and services we all take for granted.
- Supporting international commerce
As improved communications and logistics have helped even the smallest businesses explore new markets and win customers from thousands of miles away, financial services have developed to facilitate this cross-border trade in areas ranging from exchange rates and payments to the more intricate complexities of globalisation.
- Aiding the aging population
Longer life expectancy is an unqualified good thing, but the world's economies will be affected and must adapt to handle it. Societies face a growing bill for pensions and healthcare. Financial services will help people to save for their retirement so that they do not fall behind as average incomes increase.
Financial services for tomorrow
Financial services help provide homes and pensions, support jobs in business and commerce, and have contributed to raising standards of living to levels that would have seemed unattainable even a century ago. Learn more about UK financial services and how they continue to change your world at http://www.thecityuk.com/
About TheCityUK
TheCityUK is the independent membership body promoting UK-based financial and related professional services. It was created with the support and initial financial backing of the City of London Corporation.
TheCityUK is the cross-sector voice for the UK financial services community working to build a deeper pool of support across the UK, promoting UK financial services overseas and contributing to the regulatory and trade policy debate.
The purpose of the organisation is to partner prosperity - supporting the competitiveness of UK financial services and protecting their considerable economic contribution. TheCityUK co-ordinates and facilitates the contribution of its members to drive and deliver its priorities.
Its UK-wide membership covers all sectors in financial services and related professional services. It is independent and politically neutral.
For further information please see http://www.thecityuk.com/
SOURCE TheCityUK