Personally, I think it's wages that need to catch up. I'm 46 now. When I was 20, I worked as a secretary, earning £12,000 p.a. I see secretarial/admin jobs advertised at that now, and we're down in the Home Counties, where wages are supposedly higher.
DH works 48 hours a week, and I work 16 hours in an office job and do 10 hours registered childminding, so that I can actually be around to take and collect our dc from school. So 74 hours a week between us. And we're only just over the 17K poverty line. We live in a tiny house; a fair portion of our wages goes on the mortgage, we do not have smartphones, our television is the size of a laptop screen and we got most of our furniture from Freegle/Freecycle. We shop at Lidl and Iceland and use Ebay for children's clothes and shoes.
We do get some tax credits, but in my opinion, the tax credits are simply subsidising the employers and letting them get away with paying these appalling wages.