Paws for thought – what do we spend on our pets?

From horses to goldfish, the price of being a pet owner soon adds up. Vicky Shaw tots up the cost, with some help from Nationwide Home Insurance

April is National Pet Month but have you ever stopped to consider how much your furry or scaly friend is costing you?

The expense of looking after a pet can quickly add up, research has shown.

The first year can set owners back nearly £3,500 on average, including the cost of buying the animal and set-up costs such as food, bedding and equipment. That’s according to a survey of 2,300 pet owners across the UK from Nationwide Home Insurance.

For many owners, a pet is like part of the family which may explain why they are happy to pay so much. Indeed, one in eight (12%) of those surveyed said they loved their pet more than their partner. Nearly a quarter (24%) said they loved their pet more than their best friend.

Of course, the cost of buying and keeping a pet in the first year can vary significantly, particularly when it comes to what type of animal it is.

Even a goldfish, which might be seen as a “cost-effective” pet, can cost hundreds of pounds. By the time the owner has forked out on a tank, a pump and fish food, the cost can be £769, Nationwide found.

The survey also revealed cat owners can expect to pay around half the amount shelled out by dog owners in the first year.

Cat owners pay £2,455 typically, while dog owners spend around £4,791 in the first year. A rabbit will set someone back around £1,802, the study found.

A lizard was also found to be at the cheaper end of the spectrum, costing around £1,788 in the first year, while a guinea pig may set someone back £3,715 over the same period. And the annual cost of a horse was found to be £12,654 – perhaps not all that surprising given the money initially spent on the animal and the cost of livery yards.

The cost of buying a pet in the first place was found to come to £147 on average but one in five pet owners will spend more than £250.

While some costs of owning a pet are predictable, there are also the unexpected expenses, such as if a pet falls ill or causes accidental damage.

Nationwide found that among homeowners who have made a claim for accidental damage caused by a pet, 7% had claimed for a damaged carpet, 5% for damaged sofas and chairs and 5% for replacing chewed wires.

According to the Association of British Insurers (ABI) a record £706million was paid out in pet insurance claims in 2016, with the average payout at £757. According to the ABI, an estimated 40% of UK households have pets but the vast majority are not insured.

ABI general insurance policy adviser Rebecca Hollingsworth said: “There is no NHS for pets and the cost of getting quality veterinary treatment can quickly run into thousands of pounds.”

“Veterinary treatment can quickly run into thousands of pounds”