Don’t underestimate the cost of owning a pet

Following the announcement by the RSPCA that it has seen a 23% rise in abandoned pets compared with last year, Sainsbury's Finance believes that some pets may be being abandoned because their owners have underestimated the real cost of owning a pet.

The cost of owning a pet cat or dog can run into several thousands of pounds over the course of the animal's life.

Analysis undertaken by Sainsbury's Finance revealed that the lifetime cost of owning a dog bought in 2007 stands at just under £9,000, whilst the corresponding figure for a cat is just over £7,200. The average annual cost of owning a dog today is currently £502 but this could increase to as much as £921 in 12 years' time, which is the average life expectancy of a dog.

Steve Johnson, Head of Pet Insurance at Sainsbury's Finance said: "The significant rise in pets being abandoned makes for depressing reading. As the cost of owning a pet steadily increases, it's important that owners and potential purchasers fully appreciate the financial commitment related to owning a cat or dog - this is rising at above the rate of inflation. Costs can also escalate as pets get older as they often need extra medical care and attention.

"The good news is that owners can help alleviate some of the financial burden and cost of veterinary bills by purchasing pet insurance at the point of buying their pet. Pet insurance need not be expensive and there are some very competitive premiums out there, like our own, which provides excellent cover and peace of mind."