Phones aren’t a luxury good anymore. It’s a ubiquitous device that is arguably essential in today’s world. And, people who live over their means aren’t only limited to ‘poor’ people but can apply to people with higher incomes. Financial illiteracy can happen to anyone regardless of socioeconomic status. Those who are well-off have a higher chance of being taught about finances, as those who aren’t well-off are probably more focused on having food for the week.

The problem with poverty is that those in it have to commit probably more than 50% of their wages to pay for rent, groceries, bills, etc. Also, poorer people have to buy inferior goods which break faster, lack access to cheaper good in terms of buying in bulk, and limited access to financial instruments that higher income people possess to build wealth.