According to the Child Poverty Action Group, low earning parents working full time are still unable to earn enough to provide their family with a basic, no frills lifestyle.
The definition of a no frills lifestyle is based on the Minimum Income Standard, a set of criteria drawn up by the Centre for Research in Social Policy at Loughborough University. It calculates the income required for a minimum standard of living based on essentials such as food, clothing and accommodation as well as other costs required to take place in society. The cost of childcare is cited as one of the main contributors to the problem.
In another report out today, the Chief Economist of the Bank of England has warned of a potential 'Fourth Industrial Revolution' which could see large swathes of people becoming 'technologically unemployed' as artificial intelligence makes many jobs obsolete.
So does this signify a depressing future for young families or could it be seen as the beginning of a new kind of lifestyle where people spend less hours working in better paid jobs and have more leisure time to spend with their families? Only time will tell.