78% of pet owners say their pet is part of the family

78% of pet owners say their dog or cat is part of the family but they have no idea how much this new family member costs.

New research by More Than Pet Insurance reveals that on average, £240 is spent on a dog per month and £100 on a cat to cover expenses. Food is the biggest monthly cost at £58 per month for a dog versus £36 for a cat, followed by medication and vet bills.

These high bills may have come as a surprise to many as the majority of dog (58%) and cat (83%) owners admit they did not undertake any research about their pet and its associated costs before they brought it home, with 21% of people overall saying that doing research didn’t even occur to them.

The survey of 10,000 dog and cat owners has found that although our furry friends are expensive, pets have a positive influence on our lifestyle which from making us feel happier (61%), offering real companionship (55%) and keeping us more relaxed (51%).

Despite this companionship, many pet owners admit to cutting corners with costs, namely with pet insurance. In fact 70% of cat owners and 40% of dog owners have not bought insurance.

For those that do have it the cost varies, at an average of £34 per month for a dog against £11 for a cat.

There could be serious financial implications if pet owners were landed with a vet bill they couldn’t afford to pay. 51% would be forced to dip into their savings, 39% would use a credit card, 23% would borrow from friends and family, 15% would take out a loan, 14% would ask a pet charity for help and 11% would take out a bank loan. Owners are more likely to take out a loan than put their pet down (8%).

View the full case study here to find out how we carried out this research and the coverage it generated.