noun

the damaging lack of material benefits considered to be basic necessities in a society.

low wages mean that 3.75 million people suffer serious deprivation

poverty,impoverishment,penury,privation,hardship,destitution,need,neediness,want,distress,financial distress,indigence,pauperdom,beggary,ruin,reduced circumstances,straitened circumstances,hand-to-mouth existence,pauperism,pauperization,impecuniousness,impecuniosity