Define the term financial institutions.

Financial institutions are organizations that provide financial services to customers, such as banks, credit unions, insurance companies, investment firms, and other entities that facilitate the flow of money in the economy. These institutions play a crucial role in managing and distributing funds, providing loans, accepting deposits, and offering various financial products and services to individuals and businesses.

Financial institutions are businesses that provide financial services to individuals and businesses. These services include banking, lending, investing, and insurance. Financial institutions play a vital role in the economy by facilitating the flow of money and credit. They also provide a safe and secure place for people to store their money and make investments.