Myth: If you’re not officially poor, you’re doing okay
If you’ve ever experienced living paycheck-to-paycheck, you likely understand the extreme stress and pressure of limited finances. For most Americans, living paycheck-to-paycheck is a temporary state. But for millions, living in or on the verge of poverty is a life-long struggle.
Teetering on the edge of poverty can be just as stressful as directly living in poverty. For most, the push into poverty can be as little as one $400 unexpected expense. The pandemic has demonstrated how quickly a family can fall into financial distress.