the state of having little or no money and few or no material possessions
"After losing his job, he struggled to keep up with rent because poverty had stripped him of almost all his savings."
The quality or state of being poor; lack of money
"The community decided to raise funds to address the deep poverty affecting many families in the neighborhood."
In plain English: Poverty is having very little money and not enough resources to meet your basic needs like food and shelter.
"Many families in the village struggle with poverty every day."
Usage: Use poverty to describe the general condition of having very little money and resources, rather than referring to a specific individual's financial situation. It functions best when discussing broad economic states or societal issues involving widespread lack of wealth.
The word poverty entered English from the Old French term poverte, which was derived from the Latin words for "poor" and a noun-forming suffix. Its original meaning in Latin described the state or condition of being poor, a sense that has remained consistent throughout its history.