Owning a pet is a long-term financial commitment. From food and grooming to preventative medication, people may be familiar with the regular costs of pet ownership but what are some of the unexpected or hidden costs to consider when it comes to our pets?
Research from the Animal Medicines Authority (AMA) in 2022 asked pet owners to consider their top three challenges with ongoing costs (24%) cited as one of the most common difficulties. According to the AMA, Australians spend $33 billion annually to keep pets fed, healthy and well accessorised with food representing over half (51%) of all expenditure followed by vet costs (14%)^.
While the costs of pet ownership are typically higher during the first year due to the purchase cost and things like vaccinations, it’s important to educate pet owners about preparing for ongoing costs throughout a pet’s life – including both the expected and unexpected.
Thanks to The Daily Telegraph for sharing PetSure’s insights into the hidden costs of pet ownership that are often forgotten by pet owners.
^ Pets in Australia: a national survey of pets and people, Animal Medicines Australia (November 2022)
