Understanding financial privilege can open our eyes to the daily struggles that many people face, including the realities of living without financial security. This listicle highlights 20 everyday things that those with financial privilege might not realize are a reality for people without money.
The Reality of Debt
For many, debt is a constant companion; Business Insider reveals that “the average debt in America is $104,215” across different loans. Financially privileged individuals may not understand the weight of this burden and how it impacts daily life and future plans, or even what it feels like to be in debt.
The Struggle to Make Ends Meet
Many people live paycheck to paycheck, constantly worrying about bills and basic necessities. Those with financial privilege often can’t grasp the anxiety and stress of wondering if they’ll have enough to cover rent, utilities, and groceries each month, let alone having any money left over to spare.
The Stress of Unexpected Expenses
A sudden car repair or medical emergency can throw finances into disarray for those without a safety net—indeed, even having an emergency fund can be seen as a luxury. People with financial privilege might not realize how devastating these unexpected costs can be for someone living on the edge.
The Impact of Low Wages
Low-wage workers often have to work multiple jobs to make ends meet, sacrificing time with family and friends, and those who never have to worry about money might not understand how exhausting it can be to work hard every day yet still struggle financially.
Lack of Access to Quality Healthcare
Healthcare can be a major financial burden for those without sufficient insurance. This means that the financially privileged often have access to better healthcare without considering how difficult it is for others to afford necessary treatments or medications, not to mention those who can’t afford the medication they desperately need.
Limited Educational Opportunities
Higher education is often out of reach for many due to its high costs. Those with financial privilege may take their educational opportunities for granted, not recognizing how limited these options are for others; and it’s not just about student debt, as educational supplies like laptops can run up a high price, too.
The Challenge of Affordable Housing
Finding affordable housing is a significant struggle for many people, too, whereas for someone financially well off, it wouldn’t even cross their mind to be a problem. They might not understand the challenges of securing a safe place to live without dedicating an overwhelming portion of their income to rent or mortgage.
Food Insecurity
Many people face food insecurity, unsure of where their next meal will come from. Those with financial privilege often don’t realize how widespread hunger is and the impact it has on individuals and families, not to mention the rising cost of groceries and the expense of eating well.
The Cost of Childcare
Additionally, childcare expenses can consume a significant portion of a family’s budget, making it difficult for parents to work or pursue education when needing to find care for their children. Financially privileged individuals may not understand how challenging it is to afford reliable childcare.
Transportation Issues
Reliable transportation is essential for work, school, and daily life, but it’s not accessible to everyone, unfortunately. Those with financial privilege might not realize how a lack of transportation can limit opportunities and make everyday tasks such as simply driving out for groceries more difficult.
Limited Access to Financial Services
Many people don’t have access to basic financial services like banking, making it hard to save money, pay bills, or get loans. Financially privileged individuals often take these services for granted, not realizing the barriers others face to get help with money.
The Pressure of Social Expectations
Social events, gift-giving, and other social expectations can be financially stressful for those with limited means. Those with money in a privileged position might not recognize how these pressures add up and impact someone’s budget and well-being, even with simply needing to buy a birthday gift.
The Hidden Costs of Working
Considering the cost of uniforms, commuting to and from a workplace, and even arranging lunch every day, working can come with hidden costs that eat into a low-wage earner’s paycheck. Financially privileged people might not consider how these expenses make it even harder for others to get ahead.
Lack of Financial Literacy Education
Many people never receive education on managing money, budgeting, or investing. Those well-off with money often have access to resources and knowledge that others do not, making it easier for them to build and maintain wealth—and wonder why others can’t do the same.
The Emotional Toll of Poverty
It can also be a surprise to financially privileged people just how much living in poverty takes a significant emotional toll, causing stress, anxiety, and depression. Those with a steady flow of money might not understand the mental health impacts of constantly struggling to get by.
The Importance of Social Safety Nets
Furthermore, social safety nets like food stamps and unemployment benefits are crucial for many people’s survival. Those well-off in the income department might not appreciate how essential these programs are for those in need, and how much people depend on them.
The Inequity of the Justice System
Another thing they might be oblivious to is that the justice system often disproportionately affects those with fewer financial resources, such as bail or legal representation. Financially privileged individuals might not realize how the system is stacked against those without money.
The Stigma of Poverty
There’s also the reality that being poor carries a stigma that can lead to judgment and discrimination from other people—including those who are financially privileged. The latter might not understand how deeply this stigma affects people’s lives and self-esteem in their everyday routines.
The Challenge of Saving Money
For many, saving money is a luxury they simply can’t afford. Financially privileged individuals might take their savings for granted, not recognizing how difficult it is for others to set aside money for the future, even a single penny—especially when they’re living paycheck to paycheck.
The Reality of Economic Mobility
Finally, another reality the money-privileged are oblivious to is that economic mobility—the ability to move up the economic ladder—is limited for many. The financially well-off might not understand the structural barriers that prevent others from achieving the same level of financial success.
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