A financial institution is an organization that provides various services related to money management. These services can include accepting deposits, offering loans, and facilitating investments. Common types of financial institutions are banks, credit unions, and insurance companies. They play a crucial role in the economy by helping individuals and businesses manage their finances effectively. In addition to traditional banking services, financial institutions also offer products like savings accounts, mortgages, and investment funds. They help people save for the future, buy homes, and grow their wealth. By providing these services, financial institutions contribute to overall economic stability and growth.