April marks the UK’s National Pet Month, so if you’ve spent the last few weeks pampering a pooch or mollycoddling the cat, you’re not alone.
The latest figures from the Pet Food Manufacturers’ Association (PFMA) confirm that there are 34 million pets in the UK, spread over 17 million households.
Owning a pet can be massively rewarding as well as good for your physical and mental health. Early morning walks can provide great exercise in the fresh air while the companionship they offer can help to combat anxiety and loneliness.
But pets can also hit your pockets, especially when times are tough. So, what is the true cost of pet ownership, can you afford one, and how can you keep a pet while staying on top of your finances during the current cost of living crisis?
Keep reading to find out.
The pandemic saw a huge rise in pet ownership
When the coronavirus pandemic arrived in March 2020, many of us felt additional stress and worry. There was anxiety about the virus itself, money concerns as the furlough scheme was brought in, and loneliness resulting from lockdowns.
According to the Office for National Statistics (ONS), almost one in five adults (19.2%) were likely to be experiencing some form of depression in June 2020, double pre-pandemic levels.
These figures might partly account for the unprecedented rise in pet ownership during the pandemic. The PFMA report suggests that 3.2 million people in the UK acquired one in 2020.
As well as the mental health benefits associated with pet ownership, children seem to have played a large part in the decision to acquire a new pet too. Nearly two-thirds (59%) of new owners were aged 16 to 34 while 56% had children at home.
But what of the continuing cost as we leave the worst of the pandemic behind?
The average dog could cost more than ÂŁ30,000 over its lifetime
According to the animal charity PDSA, the average dog could cost £30,800 over its lifetime. This includes the price to buy the dog initially, plus accessories like dog baskets and necessary expenditures like vaccinations. Then there are the monthly costs to consider, like food and insurance.
Battersea Dogs & Cats home suggest that the average cost of a cat is more than £18,000, based on an annual expenditure of around £1,000 and an average life expectancy of 18 years.
3 tips for cutting costs
1. Think about insurance
Shop around for the best value pet insurance
Figures published by Lloyds Banking Group last year confirm that Brits are three times more likely to insure their pets than themselves, with 18% of us taking out pet insurance compared to just 6% who take out critical illness cover for themselves.
While pet insurance might seem like an unnecessary expense if you’re tightening your purse strings, the cost of not having insurance could be much higher.
iNews confirms that the cost of pet insurance is on the rise. The average annual premium has increased by more than 12% since 2020 and by more than 35% over the last five years. It currently stands at ÂŁ304.73.
And yet the average claim across all pet plans in 2020 was ÂŁ817, more than double the average premium. Remember, too, that the cost of a claim can vary wildly. A poorly pet could easily lead to vet bills in the thousands, meaning that insurance is essential.
Be sure to shop around for the best deal.
Check your home insurance to see if pet damage is covered
You should also check your home insurance to see whether it will pay out on pet-related damage claims.
According to a report in the Independent, one insurer saw 800 pet-related accidental damage claims last year, with an average value of around ÂŁ1,100. Claims included flooded rooms, damaged electrical equipment, and possessions lost during dog walks.
2. Make use of bulk buys and loyalty schemes
Be sure to think ahead and bulk buy essentials like food to cut costs. Pet stores like Pets At Home offer loyalty schemes, while sites like TopCashback can be great for getting money back on the pet essentials you were going to buy anyway.
Your instinct might be to treat your four-legged friend to only the best. But with the cost of living crisis set to see the average UK household ÂŁ1,000 worse off this year according to the Resolution Foundation, shopping around, and changing brands, might be a good option.
3. Re-use, reduce, and recycle using online marketplaces
With climate change in the news, we’re all increasingly conscious of the need to reduce waste. If you are looking for items like cat baskets or dog beds, check online marketplaces or local forums to see if anyone is selling the item you need.
You might find a bargain and sometimes unwanted, pre-loved products are given away for free. Remember too, that when it comes to upgrading your pet’s bed, basket, or scratching post, you could use the same forums to sell your unwanted goods.
Get in touch
Our Chartered Financial Planners can help to ensure you can offer your pet the lifestyle they deserve. And when it comes time to look after yourself, we can help you too.
If you have any questions about your long-financial plans, including retirement or protecting yourself and your family should the unexpected happen, please get in touch and speak to us today.
