An AAMI survey of more than 1,000 pet owners across Australia has revealed that owning a pet is costing them an average of $1,335 per year, but more than a third don’t know how much money they are spending on their fur babies.
The national survey found that three quarters of pet owners treat their pets as part of the family, spending thousands not just on necessary items such as food, vet bills, and council registration, but also on grooming, clothes, and accessories.
“But it’s concerning the number of owners who don’t know how much their affection is costing, especially when over the course of a pet’s lifetime it’s potentially $13,000 (average lifespan is 10 years),” said AAMI spokesperson Ashleigh Paterson. “Planning and budgeting for pet expenses not only helps in managing the day-to-day costs, it alleviates the financial stress if unexpected expenses arise.”
The study also found that despite 38% of respondents saying they love their pets more than their family members, more than 80% don’t insure them against injury or illness.
“Given the important role pets play in the lives of millions of Australians, it’s interesting to see how owners prioritise their pet-related purchases,” Paterson said. “Nearly 50% admit to ‘spoiling their pets’, one in four buy their pets more toys and clothing than they need, and 10% buy their pets ‘fancy’ accessories. But we know the cost of caring for a pet can significantly blow out if they have an accident or become ill, which is why owners should seriously consider protecting them, and themselves, from any unforeseen circumstances.”
