This book examines the recent transformations in welfare provision in Argentina, tracing the complex relationship between welfare policies, financial markets, and low-income households over the past 40 years. At its center is the financialization of welfare policy, defined as the growing incorporation of financial expertise, actors, narratives, practices, and instruments into the state’s welfare matrix. By shifting focus from financial markets to the inner workings of state agencies, the study shows how finance has become a key tool for addressing rising social demands amid conflict and redistributive struggles. This process expands financial frontiers, strengthens the role of financial actors, and reshapes the principles, objectives, and instruments of welfare policy. Ultimately, financialization redefines how the state engages with its citizens through what I call social debtfare policies.