What does “financial crisis” mean?

This depends on whether it is a business/ corporate or personal financial crisis. A personal financial crisis would be a situation which causes a sudden and sometimes long-term burden to you and your financial ability/security/assets. So, this will impact you and your life/living standards directly and in turn immediate family. Whereas a cooperate/economical financial crisis is a situation where the value of assets drop rapidly and is often triggered by a panic or a run on banks. So, for example, this could include banking crisis/economic downturns etc and in turn can affect nations/entire populations. I hope this helps :)