Research shows that 5.2 million UK pet owners did no research before buying their pet, leading many to underestimate the true cost of ownership. Satsuma’s survey, which covered 2000 respondents, found 40% were relying on borrowing or credit to cover unexpected expenses such as Vet bills.
Keeping an animal can be an expensive exercise, with 98% of pet owners incorrectly estimating the lifetime cost of owning a pet. A recent survey from Satsuma found that 18% of those questioned said the cost was the hardest part of ownership.
Unexpected vet bills were one of the most notable expenses and one that owners were least prepared for. Of those surveyed, 25% had encountered an unexpected bill and 42% of those said the average cost was over £100. 40% of respondents reported that they relied on borrowing money, whether on a credit card, borrowing off friends or taking out a loan to cover the expense. A further 24.5% had to dip into their savings.
Less than half the people (43%) questioned had pet insurance in place.
It seems that the key to a stress-free life as a pet owner is doing thorough research before you buy or adopt. Having realistic expectations of how much you’re likely to be spending over the pet’s lifetime is key. But more important still is making sure that you choose the right pet to suit you and your lifestyle.
Some of the key findings from the research were:
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