The picture of many older Australians as asset rich and cash poor has been confirmed by a new Australian Bureau of Statistics report. And no prizes for guessing that the "asset" in question is the family home.According to ABS data compiled in 2013/14, Australia has 1.2 million older low-income households.Older households are those with couples or single occupants over age 65. Low-income households are those with disposable income up to the 20th percentile - about $500 a week. This is less than 60 per cent of median household income, which is a commonly used poverty line.While these households are living on low incomes, 54 per cent of them have wealth in the top 40 per cent of Australian households.That is because 74 per cent of these older low-income households own their home outright and 31 per cent have more than $50,000 in liquid assets (such as shares and bank deposits).