21 Financial Service Industry Statistics To Know

Hey there, financial enthusiasts and curious minds! Buckle up because we’re about to take a stroll through the dynamic world of finance and insurance. Numbers, careers, and a touch of economic magic – we’ve got it all.

Whether you’re crunching numbers daily or just dabbling in the world of finances, these 21 Financial Service Industry Statistics are here to give you a front-row seat to the show that keeps the dollars flowing and the economy grooving.

So, grab your favorite mug of coffee, settle in, and let’s dive into the heart of the financial hustle!

General U.S. Financial Services Industry Statistics

Bucks & Balance: Unpacking the Impact of U.S. Financial Services on GDP

Ever wondered how much punch the finance and insurance industry packs? Brace yourself – it’s a whopping $2 trillion boost to the U.S. GDP. These financial maestros aren’t just players; they’re the economic superheroes, adding a solid 7.4% to the entire country’s GDP. It’s like they’re the secret sauce in the economic burger, making everything taste just right.

2022 Showstopper: The Financial Services Industry’s $3.59 Trillion Performance

Let’s rewind to 2022 – the financial services industry takes the stage with a dazzling performance, showcasing a gross output of $3.59 trillion. That’s not just impressive; it’s a financial symphony, echoing through the economic corridors of the nation.

Behind the Scenes: Navigating the Landscape of Private Establishments

Ever wondered how many players are in the financial game? Well, there are approximately 539,447 private establishments in the finance and insurance sector.

Picture this – it’s a multitude of offices filled with number-crunchers and financial wizards, orchestrating the magic that keeps the economy ticking.

Uncle Sam’s Seat: Government Establishments in Finance & Insurance

It’s not just the private sector; even Uncle Sam’s got skin in the game. With about 1,041 government establishments in the finance and insurance sector, it’s like the government’s ensuring everything runs smoother than a jazz melody.

It’s the financial table where the nation’s economic decisions get a collective nod.

Global Financial Services Industry Statistics

Dollar Signs Everywhere: The $20.49 Trillion Global Financial Services Market (2020)

Hold onto your hats – the global financial services market is a colossal $20.49 trillion powerhouse as of 2020. It’s like the financial Avengers assembling on a global scale, influencing economies far and wide.

Crystal Ball Gazing: A $22.52 Trillion Projection for 2021

In a crystal ball moment at the start of 2021, experts predicted the global financial services market would soar to $22.52 trillion by the year’s end. It’s like witnessing a financial meteor shower, with numbers streaking across the economic skies.

Western Europe Takes Center Stage: Commanding 40% of the Global Market

Picture this: Western Europe struts its financial prowess, claiming the lion’s share at 40% of the global financial services market.

It’s like the financial Eiffel Tower standing tall among global economic landscapes.

North America’s Financial Waltz: A Solid 27% Share

North America, not one to be left out, twirls into second place, contributing a significant 27% to the world’s financial services market. It’s like a rhythmic financial dance echoing from Wall Street to the Rockies.

The Global Economy’s Backbone: Financial Services at a Quarter’s Worth

Ever wonder how much the global financial services sector contributes to the world’s economy?

Hold onto your calculators – it’s estimated to be a solid quarter, a massive economic cornerstone ranging between 20% and 25%. It’s like the global economic heartbeat, pulsating with financial vitality.

Banking on Market Capitalization: A Euro Perspective

Shifting gears to the banking sector – as of Q3 2021, the global banking sector boasts a market capitalization of a staggering 7.5 trillion euros, equivalent to about $8.36 trillion.

It’s like a financial Everest, reaching new heights compared to the 5.2 trillion euros or $5.8 trillion in Q3 2020.

Financial Services Industry Trends and Projections

Employment Grows: The Human Side of U.S. Financial Boom

In the realm of numbers and growth, here’s a heartwarming tale of employment evolution in the U.S. financial industry. From a solid 6.09 million in 2016, the financial family expanded to 6.55 million strong by 2022.

It’s like witnessing a workforce flourish, creating more opportunities and livelihoods year after year.

Year by Year: A Workforce Symphony

YearNumber of Employees (in millions)
20166.09
20176.23
20186.28
20196.38
20206.49
20216.52
20226.55

The growth charts read like a progressive melody, with each note representing a job, a career, a life touched by the expanding arms of the financial industry.

Navigating Uncharted Waters: Unemployment in the Finance and Insurance Sector

Now, let’s switch gears to the rollercoaster ride of unemployment rates in the U.S. finance and insurance sector during the COVID-19 saga. March 2020 kicked off with a 2.2% rate, but as lockdowns hit, April saw a spike to 3.8%.

The numbers played hopscotch, staying above 3% until November 2020 when it finally touched 2.6%. Fast forward to October 2021, and we’re back to pre-pandemic levels at 1.8%.

Global Financial Odyssey: Growth Projections

Beyond the borders, the global financial industry is on its own journey. From 2020 to 2021, a Compounded Annual Growth Rate (CAGR) of 9.9% catapulted the industry’s value from $20.49 trillion to $22.52 trillion.

Looking ahead, the forecast paints a picture of sustained growth, with a projected CAGR of 6% from 2020 to 2025, reaching a dazzling $28.53 trillion.

Financial Services Industry Statistics by Employment

The Workforce Tapestry: 6.68 Million Professionals Strong

As of February 2023, the finance and insurance industry is a bustling hub of employment, with 6.68 million Americans contributing their skills and expertise. It’s like a dynamic financial orchestra, each professional playing a crucial role in the economic symphony.

Occupations in Focus: Unveiling the Top Five

  • Tellers (414,680): The frontline warriors, handling the day-to-day financial transactions.
  • Securities, Commodities, and Financial Services Sales Agents (412,970): The maestros of investment and financial guidance.
  • Loan Officers: Masters of financial lending.
  • Insurance Sales Agents: The storytellers of financial security.
  • Accountants and Auditors: The guardians of financial integrity.

Dollars and Cents: The Average Annual Salary Ballet

The finance and insurance professionals are not just numbers; they are well-compensated for their expertise. On average, they rake in $72,400 annually, turning their financial knowledge into tangible rewards.

Salary Spotlight: The Top Dogs

Securities, Commodities, and Financial Services Sales Agents ($96,000): The crème de la crème in terms of annual earnings.

Numbers at a Glance: Median and Mean Annual Salaries

OccupationMedian Annual SalaryMean Annual Salary
Accountants and Auditors$78,600$87,660
Insurance Sales Agents$52,210$69,200
Loan Officers$63,130$76,230
Securities, Commodities, and Financial Services Sales Agents$63,820$96,000
Tellers$32,600$32,930

Open Doors: Job Opportunities in the Industry

Despite fluctuations, there are approximately 374,000 job openings in the finance and insurance industry as of February 2023, showcasing a landscape of opportunities for aspiring professionals.

Unemployment Tides: A 2% Industry Rate

In the realm of job security, the finance and insurance industry boasts a 2% unemployment rate as of February 2023.

While slightly up from January 2022, it remains lower than the national unemployment rate of 3.8% in February 2022, underscoring the sector’s resilience and stability.

Conclusion

And there you have it, folks! We’ve taken a tour through the financial and insurance landscape of 2023, where numbers aren’t just digits, but stories of growth, employment, and economic resilience.

From the 6.68 million professionals shaping the industry to the diverse occupations, salaries, and job opportunities, it’s clear that the financial world is a thriving ecosystem of its own.

So, whether you’re navigating the financial seas daily or just taking a peek behind the curtain, remember – these aren’t just statistics; they’re a snapshot of an industry that keeps our economic gears turning. Here’s to the financial wizards, the job seekers, and the numbers that tell tales. Until next time, keep those wallets happy and the economy rocking!

Frequently Asked Questions

1. How has employment in the U.S. finance and insurance industry changed in recent years?

Over the years, the industry’s job market has been on a growth spurt, swelling from 6.09 million in 2016 to a robust 6.55 million by February 2023, offering more opportunities in the financial workforce.

2. Which occupations dominate the finance and insurance industry, and what are their average salaries?

Topping the charts are tellers, followed closely by securities, commodities, and financial services sales agents. The industry’s top earners, securities agents, command an average annual salary of $96,000.

3. Is the finance and insurance industry resilient in the face of economic challenges, like the COVID-19 pandemic?

Despite bumps in the road during the pandemic, the industry weathered the storm, rebounding to a 2% unemployment rate in February 2023, showcasing its adaptability and stability.

4. How does the U.S. finance and insurance job market compare to previous years?

The job market has experienced steady growth, reflected in the decrease in job openings from 439,000 in January 2022 to 374,000 in February 2023, indicating a market that is still thriving but perhaps cooling off a bit.

5. What is the global outlook for the financial services industry, and how does it contribute to the world economy?

With a predicted CAGR of 6% from 2020 to 2025, the global financial industry is expected to reach a staggering $28.53 trillion. Its current contribution, estimated at a quarter of the world’s economy, solidifies its role as a global economic powerhouse.