Author William Feather, who penned the book “The Business of Life,” once wrote, “One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.”
With all the decisions we need to make about our money when it comes to savings, investments, tax considerations and insurance, it can be intimidating to consider how the wrong decision could impact our futures and the futures of our children. Without some type of fortune-telling crystal ball, it can be nearly impossible to know whether or not our financial decisions are “astute.”
While that crystal ball may not exist, we are thankful for all those who work in Kansas’ growing financial sector — for helping Kansans plan today for a prosperous tomorrow. These hard-working individuals stay on top of the complexities of finance — whether it be new financial products or changes in tax laws — to help us be good managers of our own money and plan for the future.
Not only do those who work in the finance and insurance sector make a significant impact on the lives of individual Kansans, but they contribute an enormous amount to the health of our state economy.
According to recent statistics, the financial and insurance sector represents 7 percent of the state’s total GDP, making it the sixth-largest industry in the state.
It is also the fastest-growing sector in Kansas, with 10 percent growth in the past year alone, and 40 percent growth over the past 10 years.
Finance and insurance jobs have grown substantially over the past decade — the sector’s employment has grown 18.5 percent over 10 years ago.
There are currently over 70,000 people employed by financial and insurance-related companies within Kansas.
We at the Kansas Department of Commerce join with Kansans in appreciation for the positive impact of the many thousands who work in the finance and insurance sector — not only on individual Kansas families, but the overall state economy.
Nick Jordan is the former Kansas revenue secretary and the CEO of the Governor’s Council of Economic Advisors.