Financial institutions refer to organizations that provide financial services, such as banks, credit unions, insurance companies, and investment firms. These institutions help individuals and businesses manage their money by offering a range of products and services including checking accounts, savings accounts, loans, mortgages, credit cards, and retirement plans. They also provide protection against financial risks such as loss or damage to property or illness through insurance policies. Financial institutions play an important role in the economy by helping to manage money flow, investment, and economic growth.