Definition
Poverty mean not having enough money to get basic needs of life including food, clothing, education and house to live. However, poverty is more, much more than just not having enough money. The World Bank Organization describes poverty in this way: “Poverty is hunger. Poverty is lack of shelter.
In other words "Poverty" refers to the insufficient financial resources to survive or purchase the essentials for a fulfilling life, this situation is referred to as poverty. To be this poor would mean to struggle to afford necessities like food, clothing, shelter, and medicine.
In addition to reducing income equality and perpetuating the cycle of poverty, poverty can also restrict access to employment and educational opportunities. Poorer health outcomes are caused in part by unmet social needs, environmental factors, and barriers to accessing health care for those with lower incomes.
Terminologies use for Poverty
Destitution, indigence, penury, and want are some common words used to describe poverty. Poverty can range from a severe lack of necessities to the absence of material comforts, even though all these words refer to "the state of one with insufficient resources".
Types of Poverty
There are multiple types of poverty.
- Situational poverty.
- Generational poverty.
- Absolute poverty.
- Relative poverty.
Situational poverty
Situational poverty is yet another type of destitution. Given that it is brought on by a particular set of circumstances, such as a divorce, a loved one's death, a serious illness, etc., situational poverty is defined by the assumption that it will pass quickly. A household's income may suffer a significant decline due to one or more factors, but there is frequently hope for recovery.
A situation that at first glance seems to be situational poverty, however, can expose people to the start of a cycle into poverty that goes beyond this specific circumstance. In a similar vein, someone who is experiencing situational poverty is still very likely to suffer at least some of the consequences of poverty in terms of their health, finances, and other areas of their lives.
Generational poverty
Poverty that affects two or more generations is referred to as "Generational Poverty". Unfortunately, statistics show that people who experience poverty as children are more likely to experience it again as adults, and breaking out of this cycle is very challenging. All four of these types of poverty can have detrimental effects on one's health, including illnesses linked to stress, inadequate nutrition and hydration, social isolation, and a shortened life expectancy.
Absolute Poverty
This idea simply takes into account the sum of money needed to pay for necessities like food, clothing, housing, safe drinking water, education, healthcare, and so forth. This kind of poverty has no effect on those who reside below the aforementioned poverty line, regardless of how well-off their country's economy is. Absolute poverty can also be understood as the state in which, regardless of how prosperous and successful the economy is, those who are living in it do not benefit from the advancements made by their nation.
Contrarily, absolute poverty disregards broader issues with quality of life or the overall degree of social inequality. People have important social and cultural needs as well, which the idea ignores.
Relative Poverty
It refers to the situation in which people lack the bare minimum of income needed to maintain the standard of living in their society. Because of this, even though individuals and households experiencing relative poverty, or relative deprivation as it is sometimes called, have some money, it is not enough to meet their basic needs. Contrarily, this kind of poverty gauges one's level of poverty in relation to that of other people in the community. This implies that it changes in step with the nation's economic growth.
People who live in this kind of poverty cannot afford the same standard of living as the rest of society, despite not being in absolute (total) poverty. This occasionally relates to a lack of television, Internet access, clean clothes, good housing, and education. It is still a category that may last a lifetime even though it seems to be less severe than extreme poverty. The same standard of living is beyond the means of some families. They can only afford low income, which prevents them from overcoming the challenges.
