With data drawn from the second public release version of the “Survey of Health, Aging and Retirement in Europe” (SHARE), we scrutinize individual and contextual (regional) correlates of economic difficulties among older Europeans, aged 65 or more. A logistic multi-level regression model with random intercept shows that the risk of being relatively poor varies considerably among the aged. We verified that the factors affecting poverty in each area are not merely the weighted sum of the effect of the more disadvantaged people within the same area, which also exists: poverty appears also significantly influenced by the specific context of residence.