Bringing up children is not about the cost

Ignore the scaremongering and concentrate on the rewards

You can't measure a parent's love in pounds and pence (iStock)

So yet another survey has been published bemoaning the fact that children cost us an absolute mint. This week’s figure, supplied by insurance company LV, is £231,843. That is, the company claims, the total cost of raising a child until the age of 21.

Before I continue I should admit that I’ve been guilty of being involved in producing similar figures in the past. Back in 1990, to mark the launch of a new consumer finance magazine we worked out exactly how much parents have to stump up when bringing up children.

Our aim was to get publicity for the magazine and, pleasingly, we reckoned the total cost was a headline-friendly £250,000. Job done. Publicity gained.

LV’s aim in producing similar research, which to be fair they have done consistently for the past 213 years, is similar, publicity. So this year it pointed out that the £231,843 amount is more than the cost of an average house.

It’s underlying aim is to sell insurance policies. It links the high cost of child-raising with the danger of a sudden loss of income, such as losing your job, and points out you could take out an income protection policy to give you a payout if that happens.

It’s a fair point, but I’m thoroughly sick of such surveys. Are there parents out there who actually worry about the cost of raising a child? Of course, they may plan beforehand for the expense and save as much as possible for that new nursery or carry cot, but once the baby has arrived there are far more pressing concerns.

The simple truth is that parents will do whatever they can for their children. The fact that it’s going to cost them a lot is irrelevant; they will spend whatever they can afford and even if that’s a tiny amount compared to the average, they will ensure their children get the best they can.

So ignore the scaremongering figures and concentrate on the rewards. They are definitely not financial when it comes to raising children, but that’s because money doesn’t come into it. But the emotional rewards are plenty.