financial safety nets

Financial safety nets are systems and programs designed to provide support during times of economic hardship. They include government assistance, such as unemployment benefits, food aid, and social security, which help individuals and families maintain their basic needs when faced with job loss, illness, or other financial crises. These nets aim to reduce poverty and stabilize the economy by ensuring that people have access to essential resources, thereby promoting a more resilient society. Essentially, they act as a buffer to protect individuals from falling into financial despair during challenging times.