[fy20]

> being in a financially sound position

As a newish parent (nearly two years), the only real costs I see are for childcare. Yes clothing and food costs something, but it's not that much (and plenty of people will give you old clothes if you ask). We share a bedroom, and it's not a problem. This can be solved by having the right support structures in place by the state. I live in an EU country, but my country doesn't do very well with this.

Although my SO does not work (they were studying before our child was born), we do not have family living nearby that can help with childcare, which seems to be how most people cope here. Ideally the state would provide free childcare to all families, regardless of whether parents are working or not. It should be at a high enough standard, that state childcare is the norm (like schools), not the exception.