“…Furthermore, past research estimated the association between income poverty and hardship measures to explore the causes of material hardship conditions, and found only moderate associations between them (Beverly, 2001a;Bradshaw & Finch, 2003;Mayer & Jencks, 1989). This is because the income measure only estimated the transitory income deprivation, while some types of hardship conditions are likely to be affected by long-term financial constraints such as lack of assets (Heflin, Sandberg, & Rafail, 2009;Iceland & Bauman, 2007). Accordingly, some scholars have argued that assets such as savings, real property, and automobile may be necessary to meet basic consumption needs (Gjertson, 2016;Iceland & Bauman, 2007; S. R. Lee, 2011).…”