Your welfare is your happiness and well being. Parents are usually in charge of their children's welfare, making sure they're healthy, happy and well fed.
Welfare is a state of content or prosperous existence. So if something bad happens, your welfare is threatened. Welfare can also refer to a government system designed to give money, food, and resources to the poor. Welfare systems have been around since ancient Roman times, but the U.S. welfare program didn't start until the 1930's, during the Great Depression.