With nearly 60% of us in the UK owning a pet, we are clearly a nation of animal lovers.
Bringing us comfort, companionship, and – of course – the joy from the adorability of our furry friends; it goes without saying that we have never-ending love for our pets. However, owning a pet doesn’t come cheap.
Why You Should Consider the Cost of a Pet Beforehand
With the number of UK households owning a pet rising from 40% in 2019, to 62% in 2022, we stress the importance of understanding the costs of owning a pet before committing.
More than 1 in 10 dog owners in the UK are now in debt due to the cost of pet care. As well as 33% borrowing money to pay for unexpected pet bills.
If not properly considered, the costs of owning a pet can lead to an inability to look after your pet, or an inability to provide them with a good quality of life. Sadly, many Dogs Trust’s centres have been finding themselves at full capacity, with an increasing number of pets brought in with untreated health conditions. Pet owners are simply finding the costs too steep.
For anyone considering owning a new pet, it’s important to check that they can fit their pet’s daily expenses into their budget but any unexpected costs that may arise.
What are the Costs of Owning a Pet?
The costs of owning a pet are dependent on the animal, breed and level of care you want to provide. Read below to get a rough idea of how much a pet costs.
- Owning a dog in the UK has a lifetime cost of £30,800.
- Owning a cat in the UK has a lifetime cost of £12,000 – £24,000.
- Owning a rabbit in the UK has a lifetime cost of £6,500 – £9,000.
- Owning a fish in the UK will be more low-income friendly than the above pets, averaging at a few thousand pounds through their life.
Check the RSPCA Pet Calculator for a more accurate cost estimate.
What Pet Costs Should You Factor into your Budget?
In a 2023 Trust Deed Scotland® customer survey, 25% of our customers told us that a lack of control over their finances was the biggest cause of their financial difficulties.* Creating and sticking to a well-planned budget will help you to stay on top of your finances and leave enough money to spend on what’s important to you – or who! A well-planned budget will help you to make room for a happy and well taken care of pet.
Costs of pets that you should consider:
- Upfront payments
- Pet insurance
- Medical bills/ vet fees
- Pet grooming
- Pet food
- Vaccinations
- Lodging (kennels and catteries)
- Accessories (from toys to pet beds)
Rising Costs of Living
The rising costs of living affect our finances across the board. With vets also impacted by rising costs, you can expect higher fees for you and your pet.
With many people across the country already cutting costs, many pet owners are also forced into cost-cutting decisions for their pet care which is likely to negatively impact their pet’s health. For example, skipping vaccines, worming treatments and emergency treatments that are now unaffordable people across the UK.
A report by Pets4Homes found that 25% of pet owners were skipping trips to the vet as a direct impact of the high costs.
Some pet owners may be eligible for help with their Pet’s healthcare from the PDSA. The UK animal charity that helps pets in need and in order to qualify for their help, you would typically be in receipt of benefits and live within certain areas throughout Scotland, or the wider UK. Use their pet health care eligibility calculator to find out more.
What to Do if You Are Struggling with Your Finances
If you are struggling to keep up with payments and everyday costs, it’s important to reach out for advice as soon as possible.
Money problems can quickly snowball into unaffordable debt; and, once in debt, it can be extremely difficult to get yourself out again.
We know that taking care of your debt can feel like an intimidating experience. The fear of being judged or feeling ashamed or embarrassed about debt stopped 44% of our customers from reaching out sooner.*
The truth is that problem debt can happen to anyone. Our non-judgemental and friendly debt advice team are here for you, you’re not alone!
So, if the rising costs for your household have seriously impacted on your finances, reach out to us on our WhatsApp Debt Advice Service, our Livechat Debt Advice Service, or on 0141 221 0999.
*Trust Deed Scotland® Customer survey from November – December 2023, with 2,246 customer responses.