Adam Smith says, ‘Those who live to old age frequently see from fifty to a hundred descendants from their own body. A numerous family of children, instead of being a burden is a source of opulence and prosperity to the parent.’ In his day, children made their parents money! Not so, anymore…
Obviously The Wealth of Nations concerns the wealth of nations. Smith is uniquely occupied with what makes people, business and ultimately, countries wealthy. In his time, one way was to have kids. According to his calculations, ‘The labour of each child, before it can leave their house, is computed to be worth a hundred pounds clear gain.’
DEFINING IDEA…
Children are poor men’s riches.
~ JOHN RAY, ENGLISH NATURALIST
According to a survey conducted by financial services provider Liverpool Victoria the average cost to parents of raising a child from birth to twenty-one years old is £180,137! Published in November 2006, the report states that the average UK household spends £17,002 on a child’s food, £12,352 on clothing, £11,086 on holidays, £9,592 on hobbies and toys, and £5,518 on pocket money.
Education is a huge expense costing on average £46,778, even if the state system is used. If your child has aspirations of university, expect to pay an additional £12,153 per year. The cost of attending university now stands at £32,478, which includes tuition fees, books and living costs.
Even assuming these figures have been warped by some very spoilt children and represent a mathematical average rather than the typical child, raising kids is still an expensive undertaking. Children may well be a source of joy, and hopefully pride, but rarely of opulence and prosperity - unless, of course, your offspring happens to star in Harry Potter! Based on these figures it’s no wonder that a separate survey for the same company found that in almost two-thirds of UK families (61%), both parents have to work to cover the cost of raising a family.
In the eighteenth century, ‘The value of the children is the greatest of all encouragements to marriage.’ Rather amusingly, although not for the woman in question, Smith goes on to note that even poverty isn’t an obstacle, ‘A half-starved Highland woman frequently bears more than 20 children, while a pampered fine lady is often incapable of bearing any, and is generally exhausted by two or three.’ ‘Barrenness, so frequent among women of fashion, is very rare among those of inferior station.’ I wonder what Smith would make of modern-day career woman? He does, however, concede that poverty isn’t so great for the kids involved: ‘The tender plant is produced, but in so cold a soil and so severe a climate, soon withers and dies.’
HERE’S AN IDEA FOR YOU…
The idea of children working is not all bad. I was brought up on a working farm and expected to help during busy times. In exchange, pocket money was paid for chores. Not only did this help spread the load but it also taught me an important lesson: there’s no such thing as a free lunch! If your child gets pocket money or wants extra for a special event or item, negotiate with them for what they are prepared to do or give in return.