I swear if I hear this phrase one more time...
Yeah, I get what people are trying to suggest with it, but it's usually used by middle to upper class white kids that don't know that poverty exists everywhere.
Come to Detroit some time, and I'll show you houses that my sister and her husband insulated because people had their heat shut off and had ice building up on the interior of their walls (and, yes, helping out with paying the heating bill was also part of the solution, but they were looking for something that might serve as some longer term help since it was likely to happen again). Or come to my Salvation Army, and I'll introduce you to some guys I know that live in their cars. Now, I suppose you think these guys are "privileged" because they own a shitty '84 Buick Skylark, but I assure you that the overall picture isn't a portrait of an ideal society, nor is the car itself a particularly ideal place to eat and sleep in.
The phrase "First World Problems" is clever. I admire cleverness, but in this case, stop being so very clever, open your eyes, and help someone out that might need it. They're probably closer at hand than you think.