The lifetime cost of owning a cat or dog could reach £17,000, according to Sainsbury’s Finance research.
Over the course of a dog’s lifetime it will cost pet owners an average of £16,900, while owning a cat for 15 years of its ‘nine lives’ could cost £17,200.
The average annual cost of owning a dog is currently at £1,183. Considering rising inflation rates and general costs, if a new puppy was purchased today it could easily cost £1,418 annually during its 13-year lifespan.
The research found that owning a cat is slightly less expensive than owning a dog at an annual rate of £1,028. However, this could increase to £1,270 in 15 years time.
Pet lovers spend 33.7% of their annual spend on food for their dog and up to 41% on cat food.
With so much being spent on keeping pets well fed, there is currently a pet obesity epidemic sweeping the country. Petplan found that almost half of dog owners admit to feeding their animal takeaways occasionally.
Over-feeding is one of the most common problems that vets face as animal obesity is increasing and many dogs are suffering from issue such as heart disease, diabetes, breathing difficulties and arthritis.
Vet fees and medical treatment can make up to 15% of the total spend. However, vet fees are set to increase by 15% in a year which could dramatically increase the annual spend overall.
Helen Williams, Head of Pet Insurance at Sainsbury’s said; "Looking after a pet dog or cat properly can involve a significant financial commitment.
“Costs can escalate as pets get older as they often need extra medical care and attention; with advances in veterinary treatment and better diets many will live well beyond their average life expectancy."
Treatments for pets over the course of a lifetime can come to almost £10,000.
It’s important to have the correct cover for your pet.
Compare pet insurance with money Expert