This paper proposes an all-encompassing instrument for assessing economic insecurity within households, utilizing a multidimensional approach. Subsequently, the research aims at examining the principal factors that contribute to both increasing and alleviating the household economic insecurity in Italy and Spain from 2014 to 2020. We utilize micro-level data sourced from the European Statistics on Income and Living Conditions (EU-SILC) to assess economic insecurity. This evaluation is summarized through three key components: the inability to handle unexpected expenses, challenges in affording standard expenses, and a decline in income. Results show that a higher percentage of Spanish households experienced economic insecurity than in Italy. Accordingly, with the literature, life-course adverse events represent financial threats in both countries.