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Research Summary. From investments to insurance, almost everyone utilizes the financial services industry in some way. Here are some key statistics on this industry:
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As of February 2023, there are about 6.68 million Americans employed in the finance and insurance industry.
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There are over 374,000 jobs available in the finance industry.
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The finance and insurance industry has a 2% unemployment rate.
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The insurance and financial services industry makes up almost $2 trillion or 7.78% of the total U.S. GDP.
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The global financial services industry is expected to have a CAGR of 6% from 2020 to 2025.
For further analysis, we broke down the data in the following ways:
Global | Trends and Projections | U.S. Banking | Employment | Marketing
General U.S. Financial Services Industry Statistics
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The finance and insurance industry adds $2 trillion to the U.S.’s GDP.
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The finance and insurance industry accounts for 7.4% of the country’s total GDP.
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The 2022 gross output of the financial services industry was $3.59 trillion.
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There are approximately 539,447 private establishments in the finance and insurance sector.
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There are approximately 1,041 government establishments in the finance and insurance sector.
Global Financial Services Industry Statistics
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The global financial services market is worth $20.49 trillion as of 2020.
This data was published at the beginning of 2021, and it was estimated that the market would be worth $22.52 trillion by the end of 2021.
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Western Europe accounts for the largest share of the global financial services market at 40%.
North America comes in second place, making up 27% of the world’s financial services market.
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It’s estimated that the global financial services sector makes up about a quarter of the world’s economy.
It’s difficult to get an exact percentage, but most experts place the number somewhere between 20% and 25%.
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The market capitalization of the global banking sector is 7.5 trillion euros as of Q3 2021.
That’s equal to about $8.36 trillion. In Q3 of 2020, the market capitalization of the global banking sector was 5.2 trillion euros or $5.8 trillion.
Financial Services Industry Trends and Projections
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The number of Americans employed by the U.S. financial industry grew from 6.09 million in 2016 to 6.55 million in 2022.
Here is the year-by-year breakdown:
Size of U.S. Financial Industry Workforce
Year (Numbers From January of Each Year) Number of Employees 2016 6.09 million 2017 6.23 million 2018 6.28 million 2019 6.38 million 2020 6.49 million 2021 6.52 million 2022 6.55 million -
The U.S. finance and insurance sector saw its unemployment rates increase from 1.9% in March 2020 to 3.8% in April 2020 as lockdowns from the COVID-19 pandemic began taking effect.
The unemployment rate then stayed at or above 3% until November 2020, when it hit 2.6%. It then reached pre-pandemic levels in October 2021, when it was 1.8%.
Here is the month-by-month breakdown from January 2020 until February 2023:
Finance and Insurance Industry Monthly Unemployment Rate (2020 to 2023)
J F M A M Jn Jl A S O N D 2020 2.2% 1.4% 1.9% 3.8% 3.3% 3.8% 3.6% 3.1% 3.6% 3.0% 2.6% 2.8% 2021 2.8% 3.0% 3.0% 2.0% 2.3% 2.8% 3.1% 3.5% 2.0% 1.8% 1.7% 2.2% 2022 1.8% 2.4% 1.7% 1.7% 1.6% 1.9% 1.5% 1.5% 1.0% 1.4% 1.6% 2.5% 2023 2.2% 2.0% -
From 2020 to 2021, the global financial industry was expected to see a CAGR of 9.9%, growing in value from $20.49 trillion to $22.52 trillion.
From 2020 to 2025, the industry is expected to see a CAGR of 6%, reaching $28.53 trillion.
Financial Services Industry Statistics by U.S. Banking
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The U.S. banking system has $17.9 trillion in assets as of the end of 2018.
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The 2018 net income of the U.S. banking system was $236.8 billion.
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JP Morgan Chase is the largest bank in the U.S. and the world, with a market capitalization of $468 billion.
Financial Services Industry Statistics by Employment
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There are about 6.68 million Americans employed by the finance and insurance industry as of February 2023.
The majority of these (414,680) are tellers, followed by securities, commodities, and financial services sales agents (412,970). Loan officers, insurance sales agents, and accountants and auditors round out the rest of the top five occupations in this industry.
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The average annual salary for finance and insurance professionals is about $72,400 a year.
Of the five main occupations within this sector, securities, commodities, and financial services sales agents earn the highest average annual salary at $96,000.
The breakdown of the median and mean annual salaries for the five main occupations within the finance and insurance sector is as follows:
Median and Mean Salaries of Financial Industry Occupations
Occupation Median Annual Salary Mean 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 -
There are approximately 374,000 job openings in the finance and insurance industry as of February 2023.
This is down from the 439,000 openings that January 2022 had.
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The finance and insurance industry has a 2% unemployment rate as of February 2023.
This is higher than the January 2022 unemployment rate of 1.8% but lower than the national February 2022 unemployment rate of 3.8%.
Financial Services Industry Statistics by Marketing
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Mobile Google searches about financial planning and management are up 70% from 2016 to 2018.
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Mobile Google searches for “bank near me” have increased by more than 60% from 2017 to 2019.
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The financial services industry spent $19.62 billion on digital advertising in 2020, the second-most of any industry except the retail industry.
Benefits in Financial Industry
Type of benefit | % of employees with access | % of participating employees |
---|---|---|
Retirement plans | 92 | 86 |
Defined benefit plans | 46 | 29 |
Defined contribution plans | 92 | 83 |
Financial Services Industry Statistics FAQ
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How many jobs are available in finance?
There are over 374,000 finance jobs across many fields available in the US. By far the job with the most openings in 2023 is the Analyst role.
However, other popular jobs in finance right now include:
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How big is the financial services industry worldwide?
The financial services industry is worth $20.49 trillion worldwide. This was true as of 2020, and it was estimated that the industry would reach $22.52 trillion in value in 2021.
If these numbers sound massive, they are because this sector makes up approximately 20-25% of the global economy as a whole. It’s hard to nail down an exact percentage, but most experts agree that financial services account for about one-fifth to one-quarter of the world’s economy.
The industry is only expected to continue growing at a CAGR of 6% from 2020 to 2025, reaching $28.53 trillion in value at the end of that time period.
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How big is the financial services industry in the U.S.?
The U.S. financial services industry is worth about $3.59 trillion. This is the industry’s gross output as of 2022, and it contributes $2 trillion to the U.S.’s total GDP, which ends up accounting for 7.78% of the total GDP.
As far as the number of companies in the financial services industry is concerned, there are over 530,000 private and over 1,000 government finance and insurance establishments that employ about 6.55 million people in the U.S. This is up from the 6.52 million people employed in 2021.
Size of U.S. Financial Industry
Year Private Industry Local Government State Government Federal Government 2011 463.2 167 83 873 2012 464.9 175 88 849 2013 466.2 163 81 827 2014 472.4 160 84 795 2015 476.5 169 92 800 2016 480.5 171 90 793 2017 484.8 169 86 792 2018 491.8 173 85 789 2019 498.1 185 88 783 2020 512.6 184 90 767 -
What are the main sectors of the financial services industry?
The main sectors of the financial services industry are Monetary Authorities; Credit Intermediation; Securities, Commodity Contracts, and Other Financial Investments; Insurance Carriers; and Funds, Trusts, and Other Financial Vehicles.
These are established by the U.S. Bureau of Labor Statistics as subsectors of the Finance and Insurance sector, which is a part of the Financial Activities supersector.
According to the BLS website, “The Finance and Insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions.”
The other sector that falls under the Financial Activities supersector is Real Estate Rental and Leasing.
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Is the financial services industry growing?
Yes, the financial services industry is growing. Globally, the financial services industry saw a CAGR of 9.9% from 2020 to 2021 as it recovered from the COVID-19 pandemic, and that growth is expected to continue at a CAGR of 6% from 2020 to 2025.
The industry was valued at $20.49 trillion in 2020, $22.52 trillion in 2021, and is expected to reach $28.53 trillion in value in 2025.
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What is the future of the financial services industry?
The future of the financial services industry is increased growth. Globally, the industry is expected to see a CAGR of 6% from 2020 to 2025, increasing its value from $20.49 trillion to $28.53 trillion.
The U.S.’s financial services industry is expected to grow along with the rest of the world’s, and it’s been recovering well from the COVID-19 pandemic, seeing its employment rates reach pre-pandemic levels at the end of 2021.
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What are the main challenges for the financial services industry in the next five years?
The main challenges for the financial services industry in the next five years are keeping up with changes in regulations and technology and eliminating data breaches.
As with any industry that is highly regulated, it can get complicated for the financial services industry to keep up with the changes in laws and ensure that they’re completely compliant. However, the consequences of not doing so are tremendous, making this a challenge that the financial industry needs to be continuously ready for.
In addition, as an industry that relies heavily on technology to handle sensitive material and interact with its customers, it’s going to be vital that financial services companies keep their technology current and protect themselves from data breaches.
Conclusion
The U.S.’s financial services industry accounts for 7.78% or $2 trillion of the total GDP, making it a vital part of the country’s economy. The approximately 540,000 private establishments and 1,000 government establishments in this sector earned about $4.85 trillion in revenue in 2021 and employed about 6.55 million Americans.
All of this, combined with Canada and Mexico’s financial services industries, accounts for 27% of the global financial industry, which is valued at about $22.52 trillion. Although this is a significant share, Western Europe accounts for the largest portion at 40%.
The global financial services industry recovered quickly after the COVID-19 pandemic, experiencing a CAGR of 9.9% from 2020 to 2021. It’s expected to continue to grow – albeit a little more slowly – at a CAGR of 6% from 2020 to 2025, reaching a value of $28.53 trillion.
References
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U.S. Bureau of Labor Statistics. “Finance and Insurance: NAICS 52.” Accessed on March 31, 2022.
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SelectUSA. “Financial Services Spotlight: The Financial Services Industry in the United States.” Accessed on March 31, 2022.
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Statista. “Banking, Finance & Insurance in the U.S. 2021.” Accessed on March 31, 2022.
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Business Wire. “Global Financial Services Market Outlook 2021-2030; Expected to Reach $28.52 Trillion by 2025 – ResearchAndMarkets.com.” Accessed on March 31, 2022.
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Investopedia. “Financial Services: Sizing the Sector in the Global Economy.” Accessed on March 31, 2022.
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Statista. “Market Capitalization of Banking Market Worldwide From 1st Quarter 2016 to 3rd Quarter 2021.” Accessed on March 31, 2022.
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U.S. Bureau of Labor Statistics. “Databases, Tables & Calculators by Subject: Employment, Hours, and Earnings From the Current Employment Statistics Survey (National).” Accessed on March 31, 2022.
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U.S. Bureau of Labor Statistics. “Databases, Tables & Calculators by Subject: Labor Force Statistics From the Current Population Survey.” Accessed on March 31, 2022.
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Statista. “U.S. Banking Industry – Statistics & Facts.” Accessed on March 31, 2022.
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U.S. Bureau of Labor Statistics. “Databases, Tables & Calculator: Labor Force Statistics From the Current Population Survey.” Accessed on March 31, 2022.
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Think with Google. “Consumer Insights.” Accessed on March 31, 2022.
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Think with Google. “Marketing Strategies.” Accessed on March 31, 2022.
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Insider Intelligence. “U.S. Financial Services Digital Ad Spending 2020: Ad Spending Continues to Grow, Despite the Pandemic.” Accessed on March 31, 2022.
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Bureau of Labor Statistics. “Industries at a Glance: Finance and Insurance.” Accessed on March 13, 2023.
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Bureau of Economic Analysis. “GDP by Industry.” Accessed on March 13, 2023.
- Industry Statistics
- Wedding Industry Statistics
- Yoga Industry Statistics
- Music Industry Statistics
- Landscaping Industry Statistics
- Bicycle Industry Statistics
- Coffee Industry Statistics
- Car Rental Industry Statistics
- Home Improvement Industry Statistics
- Insurance Industry Statistics
- Supplements Industry Statistics
- Golf Industry Statistics
- Fitness Industry Statistics
- US Media And Entertainment Industry Statistics
- Firearm Industry Statistics
- Financial Services Industry Statistics
- Health And Wellness Industry Statistics
- Trucking Industry Statistics
- Wine Industry Statistics
- Pet Industry Statistics
- Mobile App Industry Statistics
- Digital Marketing Industry Statistics
- Hotel Industry Statistics
- Retail Statistics
- Robotics Industry Statistics
- Jewelry Industry Statistics
- Appointment Scheduling statistics
- Restaurant Industry Statistics
- Food Delivery Statistics
- Food Truck Industry
- Fashion Industry
- Real Estate Industry
- US Film Industry
- US Beverage Industry
- USu202fFast Food Restaurants
- US Construction Industry
- US Book Industry
- Cosmetics Industry
- US Food Retail Industry
- US Pharmaceutical Industry
- US Healthcare Industry
- Airline Industry
- Automobile Industry
- Transportation Industry Statistics
- Event Industry Statistics
- Project Management Statistics
- Oil And Gas Industry Statistics
- Nursing Home Statistics
- Nursing Shortage Statistics
- Nursing Statistics