Meaning of the word "badly off" in English

What does "badly off" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

badly off

US /ˈbædli ɔf/
UK /ˈbædli ɒf/

Adjective

in a difficult or unfortunate situation, especially with regard to money

Example:
Many families are badly off due to the economic crisis.
They were quite badly off after losing their jobs.