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When it comes to children,the costs of raising one from birth to the age of 18 (and,realistically,the costs don’t just magically stop then) are to be anywhere from $237,000 to just over half a million dollars. That’s a whopping amount of money (thanks mum and dad!),which could instead be used for a house deposit in some capital cities or areally nice holiday.
You can understand why the 21st century has witnessed the rise of “fur babies” – as adults opt for pets in lieu of children as both a low-commitment and lower-cost,option. According to,just under 70 per cent of households had a pet in 2022,up from around 60 per cent reported in 2019 and 2016.
They bring love and joy to your household,but pets also come with many expenses.Michael Howard
They attribute part of this to the pandemic,which saw a massive jump in the number of households getting cats and dogs to help them through lockdowns. The survey also reports the number of inexperienced pet owners has jumped sharply to almost 50 per cent.
What’s the problem?
First-time pet owners may be in for a shock when they realise owning a pet isn’t exactly cheap. Animal Medicine’s report shows the average annual household spend in 2022 was $4247 for dogs and $2718 for cats,figures that are likely higher now given the rising cost of everything from pet food to insurance.
And there’s some evidence that pet owners are struggling with those rising costs,with Melbourne-based animal shelter Second Chance Animal Rescue reporting this week a “severe” drop in adoptions,which it attributes directly to the escalating cost-of-living crisis.
What you can do about it
If you’re thinking about introducing a furry friend into your home,here are some hidden and not-so-hidden costs to consider:
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.