Financial protection refers to the measures and strategies individuals or businesses use to safeguard their financial resources against unexpected events. This can include insurance policies, savings accounts, and investment plans that help cover costs related to emergencies, such as medical expenses or property damage. By having these protections in place, people can reduce the risk of financial hardship when faced with unforeseen circumstances. Another important aspect of financial protection is budgeting and planning. By creating a budget, individuals can track their income and expenses, ensuring they have enough savings for emergencies. Additionally, financial literacy programs can educate people about managing their finances effectively, helping them make informed decisions about their money, investments, and insurance options.