Following the arguments provided in detail elsewhere (de Neubourg and Plavgo, 2012), this paper and its companion background paper to the UNICEF Innocenti Research Centre Report Card 10 (Bradshaw et al, 2012) discuss monetary poverty and deprivation as related but conceptually distinct. The main arguments for this separate treatment relate to the fact that traditional monetary poverty measures and deprivation measures tell two different stories. While money-metric indicators of poverty give an indication of the Financial means of the household to satisfy its needs, deprivation indicators provide information on the degree to which some of these needs are actually met. The latter is the result of a mixture of variables including the income and resources available to the households, spending decisions by the households, the availability of (public) goods and services and the state of the economy in general. Mixing deprivation indicators with monetary poverty data in a single index leads to a loss of dimensions rather than further insights gained from adding dimensions.