At a glance
On the balance sheet, a pet might seem like a cute asset with no measurable return. However with nearly seven million Australian households sharing their lives with at least one animal, it is clear the rewards go well beyond money.
Australians spend over A$33 billion a year on their pets according to Animal Medicines Australia. On average, that is A$4247 annually for dogs and A$2718 for cats, covering everything from food and grooming to training, vet visits and vaccinations.
This substantial spending means pet owners often dedicate around 10 per cent of their take-home pay to their animals — a significant portion of the household budget. Yet, despite these costs, the true rewards of pet ownership lie in the emotional and social benefits they bring.
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The most common reason people bring pets into their homes is companionship. For those living alone or going through major life changes, having a pet can ease feelings of loneliness and social isolation. Pets offer constant company, a sense of purpose and everyday moments of connection.
Pets have been found to reduce symptoms of anxiety, depression and post-traumatic stress. One study, published in quality-of-life measurement journal Social Indicators Research, found that the mental health benefits of pet ownership were comparable to those of close human relationships and, in terms of wellbeing, are worth around A$145,000 a year — the same amount as marriage.
The benefits go beyond the emotional. A Purina poll of more than 1000 dog owners showed that 79 per cent agreed that owning a dog encouraged them to be more active outdoors, a habit linked to improved heart health and a lower risk of stroke.
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Pets can also help people develop important life skills and strengthen social connections. Research from the University of Western Australia found pet owners are more likely to know their neighbours and receive social support through pet-related interactions.
A study also revealed that 70 per cent of dog owners believe their pets have made them more patient, while many also reported gains in empathy (41 per cent), stamina (36 per cent) and resilience (26 per cent).
Owning a pet is not without its challenges. 79 per cent of owners report facing at least some difficulty, but for most, the emotional, physical and social benefits of sharing life with an animal companion make it more than worthwhile.
