It is nonsense comparing nowadays to medieval times.
You don't even have to go back beyond my grandparents to find it impossible to compare like with like.
My grandmother was brought up on a farm in Ireland where there was plenty to eat all the time. Meat, milk, cream, eggs, potatoes, cabbage, apples, home made bread, butter - you were knee-deep in it. You could fish too, if you were that way inclined.
The household expenses were yearly. Sugar, tea, flour and other bought supplies were bought in huge amounts and stored in bins.
There was very little visible money. An outfit might last 3 years: you had sunday best, school clothes, and scruffy play clothes. 3 outfits, where the sunday one was always too big and the play clothes too small.
To spend any money at all was an event. To take the pony and trap 12 miles into town was a thing of excitement and great discussion.
There was no electricity or gas (after dark there were candles and oil lamps; cooking was done on a range that burned turf).
Did my grandmother grow up poor? No. Could you bring up a child like that now? No. Could you have 3 outfits for a child; no internet, no running hot water, no electricity, no TV, everything homemade, no bought treats for friends or packed lunches - well maybe no bought treats. I think you can have children and have home made treats only, there is nothing wrong with home made cakes and biscuits. But the rest - I think it would mark the child out to be tantamount to abuse.
Medieval people had no books because they didn't need them. They had no cars because they didn't need them. they didn't need smart phones either and they weren't barred from employment by not having smart styled dyed hair and at least 5 different outfits. You can't compare.