As Christmas approaches, it’s a good time to remind pet owners and inform prospective pet owners about the financial implications of pet ownership.
Owning a pet is a rewarding experience that brings unconditional love, companionship, and joy into households across Australia. However, it is also a long-term commitment that comes with financial responsibilities. In fact, ongoing costs rates as the number one difficulty for pet ownership in AMA’s report, Pets in Australia: A national survey of pets and people.
This report highlights that the average annual household spend on a dog was $3,218 while households with a cat spent on average $1,715 each year , with food being the number one cost, and veterinary services the second largest expenditure. With many families enduring cost-of-living pressures, current and prospective pet owners may wish to consider the financial implications of their responsible pet ownership.
Australia’s pet owners spent $33 billion1 on their companion animals in 2022, covering food, veterinary care, medications, insurance, and other essentials. The rising cost of living means budgeting for our pets is more important than ever. AMA provides some key considerations for helping to manage the financial side of pet ownership effectively.
