Financial safety nets are systems or programs designed to provide support and assistance to individuals and communities during times of economic hardship or crisis. These mechanisms help to cushion the impact of shocks, such as unemployment, natural disasters, or global economic downturns, ensuring that basic needs are met and preventing deeper levels of poverty and instability. By strengthening financial safety nets, societies can build resilience against future global shocks and crises.
congrats on reading the definition of Financial Safety Nets. now let's actually learn it.