Brits turn to loans, to care for their pets
We all love out pets! However, very few of us will take the time to assess the financial implications of rearing a pet, in the same way, as we would with say our children. Although there are obviously huge differences between a pet and a child, and although the cost of raising either is always a labour of love opposed to a financial burden, it is still worth knowing the facts.
A new study conducted by one of the UK’s most prevalent supermarkets, has revealed that the average cost associated to owning a pet can be as much as £10,000 throughout its lifetime. Furthermore, it is also suggested that the cost of pet ownership is steadily increasing year on year by around 4.5%.
There are however, varying different costs associated to different types of animals. For example, between the two most popular pet classes i.e. Cats and Dogs, Dogs tend to require more financial resource from its owner, than a cat would. That said however, both types of pet would require at least £7,500 to be cared for correctly.
The average yearly cost of ownership for any type of pet is around £400. It has also been suggested that the cost of owning a pet is exceeding the national rate of inflation and is actually one of the most prominent financial commitments for many UK households. Worryingly, a percentage of financially stretched pet owners are turning to loans and other forms of credit in order to continue caring for their animals. It is advisable for any person who is considering pet ownership to accurately weigh up the financial implications of this type of commitment, to ensure they do not become indebted as a result.
