Few of us bother to get out a calculator... if we did, the human race would have died out

Maureen Rice, report author

Instead of paying for food, clothes, toys and childcare, investing the money would make millionaires of couples who avoid the parent trap.

That is the claim by the report's author who concluded that the cost of raising a child in the capital has risen to as much as �317,857.

That works out as an average of �15,136 every year for the first 21 years, or �291 every week, more than �41 every day.

'Middle-class' costs

First year costs include

Basic feeding equipment and food: �2,000 Nursery equipment: �1,300 Changing equipment and nappies:�800 Full-time nanny (from 12 weeks, at �520 gross a week): �20,800 Total: �25,940 Total without nanny: �5,140

The figure includes basics such as food, clothing and pocket money but does not include "extras" such as holidays, or the lost income from mothers who choose not to work.

It covers the period from birth to the end of a university degree course and is based on "middle-class" costs.

Luxuries such as a nanny and private education are also included.

The cost of clothes, childcare, a private education, hobbies and university are equivalent to a �15,136 a year on average.

Costs for years one to five include

Clothes, food, toys and general expenses: �12,000 Part-time nanny (20 hours a week, 46 weeks a year at �7 an hour): �25,760 Pocket money (�6 a week): �1,248 Nursery (two years at �4,000 a year): �8,000 Total: �47,008 Total without nanny: �21,248

The largest financial commitment was for private education, which costs �93,600 and childcare at �92,938 to pay for the expense of nannying and babysitters.

The survey, prepared for London Magazine, also concluded that middle-class parents can expect to spend �13,000 on hobbies such as music lessons, the same amount on school uniforms and �4,000 on pocket money.

Pester power

A report by the Joseph Rowntree Foundation in 1999 found the national average for raising a child to the age of 17 was �50,000.

But the new report, entitled "The Parent Trap", allowed for higher London prices for items such as housing and food, as well as private education and childcare.

Nigel Evans, London Magazine editor, also said that "pester-power" was adding to costs.

Costs for years five to 11 include

Private day school for six years: �43,000 Uniform, including sports kit: �6,000 Clothes , food, toys and general expenses: �18,000 Part-time nanny (assuming 20 hours a week plus one evening babysitting): �46,368 Total cost: �121,560 Total without childcare: �75,192

"It is not enough to go to Marks & Spencer's," Mr Evans said.

"Children are asking for branded goods - the right pair of shoes, which are often �200 or more. It is that element that is also pushing up the costs. "

Parents are increasingly likely to concede against a barrage of "I wants".

"Women are particularly susceptive to compensating children. There is an element of guilt involved, " Mr Evans said.

Villa in the sun?

Couples who choose to invest the money as a lump sum instead of having a child would become millionaires within 20 years, the report said.

Nursery costs are high

Alternatively, they could sail around the world on the QE2 eight times, or eat at the Ivy restaurant three times a week for the next 20 years.

Staying at home will also save money, as a high proportion of costs were for childcare.

Sending children to local state schools, rather than a private school will also save thousands.

Without a nanny or private education the figure dropped to �123,329, or �5,872 per year.

Another mortgage?

In the first year of a child's life parents spend �25,950.

Costs for years 11 to 18 include

Private day school: �50,400 Uniform including sports kit: �7,000 Clothes, food, toys and general expenses: �31,500 Pocket money: �2,184 Total: �98,224

Not surprisingly, with age and increasing demands for the right clothes and extra-curricular activities, the demands on parents' bank balances rockets.

Between one and five, parents will spend �47,008.

But during the teenage years, from 11 to 18, a child will cost �98,224.

Children who stay in education for university will cost parents less, but still �25,125 for financial help for another three years.

Expensive pursuit

Parents who are struggling to pay for the costs of brining up children, may gain some comfort from the author of the report, Maureen Rice.

Costs for years 18 to 21 include

University fees and living expenses (three year course): �25,125

Ms Rice said: "We all know by now that having children is expensive.

"But few of us bother to get out a calculator before conception and add up exactly how much they cost.

"If we did, the human race would have died out long ago because having children is very, very expensive indeed."

We asked you for your comments on the research, and were inundated with views. Here is a selection:

What on earth were these people feeding the baby on?
Steve (proud father of two)

As a father of four children I can well understand the basis of this report. Raising children is an expensive business, however one would hope that this 'investment' made pays dividends in later life and does not take into account the enjoyment you gain from watching and helping them evolve into adulthood.
Russell, UK

Is the author on the same planet as the rest of us?
Greg

It is criminal the amount of money spent raising our children. But no matter what amount we spend, we love them all the same.
Stephanie Viltz, USA

How have these costs been allocated for multiple children? The first may cost that much, but then you get real and start sharing toys clothes and catering for more so the per capita cost reduces. Included also is the payback which, as you hit two three or four heads, far outweighs the cost.
Sarah Milling, Japan

$2000 for basic feeding equipment and food in the first year? I don't think so! The way nature intended, and indeed the best way - Breast feeding - is free.
Anonymous

What on earth were these people feeding the baby on?

Steve (proud father of two)

It doesn't matter a fig how much the little blighters will set me back (I have a boy and a girl), knowing that I'll be survived (hopefully) and that I'll be remembered by more than friends, that when I'm gone a little piece of me will still be here, is priceless.
Chris, Poland

I love my two children dearly but have to work. Having left University with student loans to pay off, there is really no choice. However, as childcare costs me in excess of �200 per week, and loan repayments take up the rest of my teaching salary, working in itself becomes a financial drain. How do other people in my position manage?
Lisa, Wales

My children are by no stretch of the imagination deprived but I wouldn�t dream of spending that amount of money neither would any parent I've met .I've have never met a parent who admits to spending �200 on a pair of trainers
Eleanor Marshall, UK

The return I get in love and joy from my 3 year old son - Priceless - worth every penny
Kevin O'Connell, England

�7000 for uniforms! Exactly what kind of uniform is that, gold plated?
Mim,

I don't suppose the CSA has seen these figures.

Sara Clark, UK

Wonderful article. I have spent the last few months going over the last 10 years of my sons life and have no regrets about the financial sacrifice. The experience was worth more than any amount of currency could have purchased.
KRT, USA

Bringing up a child to appreciate the value of anything means an understanding of the word "no" (or "not yet").
Paul Spanton, England

If you have to have help to have children, i.e. IVF then add on another �5k to �10k per child!
Andrew Smith, UK

How sad, that we have chosen to analyse the privilege of parenting financially. Quite frankly, I don't care or consider how much raising my children costs. The joy they bring me far outweighs any financial lure or rewards.
Tim, UK

I don't suppose the CSA has seen these figures.
Sara Clark, UK

What are the figures for ordinary working class people who have not got more money than sense?
Sam Dawson, N Ireland

Perhaps now that the chancellor of the exchequer is a father he will support married families more through taxation?!
Chris Lack, England