This study investigates the gap between perceived and measured poverty in South Africa, using data from the 2022 General Household Survey. Measured poverty relies on income-based thresholds, while perceived poverty reflects individuals’ self-assessments of their economic situation. The study applies probit and multinomial probit models to identify household and individual characteristics associated with each poverty measure and the differences between them. Key factors such as education, employment, household composition, and geographic location are found to influence both poverty statuses, though in distinct ways. Results show that approximately one-third of households are classified differently depending on the measure used, indicating a significant divergence between perceived and measured poverty. These discrepancies have important policy implications, as they suggest that traditional income-based poverty lines may overlook households experiencing economic distress. The study highlights the need for multidimensional poverty assessments that incorporate both objective and subjective indicators. By providing updated, nationally representative evidence, the research contributes to understanding poverty dynamics in South Africa and offers insights for designing more inclusive and responsive poverty alleviation policies.