After allowing for inflation, I'm sure that my childhood would have been well below the current poverty line. I was never short of food (good solid fare, but no choice) or clothes (sometimes with the odd patch or darn - and definitely not designer or fashion), but I never felt deprived. I'm sure that must go for many other mudcatters.
I never ever had a brand new bicycle, but I had a series of serviceable second hand ones. One of my colleagues is about to buy his 12 year old a new off-road motor bike for Chistmas.

How much of what we now define as poverty is the result of much higher expectations, or spending money on expensive junk food, designer goods, or uneccessary consumer luxury items ?   Sometimes the "When I was a lad" sketch begins to seem more like the truth.