As climate change accelerates, adaptive social protection programmes are becoming increasingly more popular than conventional social assistance programmes, since they are seen to enhance people's resilience and well‐being outcomes. Despite this upsurge, little is known about the impacts of adaptive programmes on resilience and well‐being outcomes as compared to conventional programmes. This paper examines the economic functions that both types of social protection programmes offer through empirical studies in two climate‐vulnerable zones in Bangladesh. By operationalising a simplified analytical framework to comprehend subjective resilience, the qualitative data reveal that the adaptive programme is more effective in enhancing beneficiaries' perceived resilience to climate risks. Regrettably, neither programme is found to contribute much significantly in terms of enabling beneficiaries to achieve the desired well‐being outcomes that one might expect to see. The paper offers rich insights into the design components of the programmes, affording an on‐the‐ground understanding of their implications for resilience and well‐being.