Researchers at the University of Kent have found that having a furry companion can bring you the same psychological benefits as getting married or earning an extra $140,000 (£70,000) a year.
Scientists used a ‘life satisfaction’ approach when conducting the research. This is so economists can translate assets like friendship and family into hypothetical income.
Dr Adelina Gschwandtner of the University of Kent was the lead author of the study and told The Times: “It’s often used to put a value on civic amenities — things like clean air or green space, things you can’t buy in a supermarket.”
About 2,500 British families participated in the study. Researchers found that owning a pet was linked to an increase in life satisfaction of 3-4 points on a scale of 1-7.
Dr Gschwandtner explained that she was inspired by another paper that used the same technique to put a price tag on friends. “I thought, ‘Well, if it’s possible for friends, why not for pets?’”
The lead author acknowledged that the monetary value assigned to pet ownership might make some people a bit sceptical. “But other economists have previously calculated similar values for being able to meet with family and friends once or twice a week. If you put it in that context, I think our findings make sense.
“Given that pets are considered by many as best friends and family members, these values appear to be plausible,” Dr Gschwandtner said. “I also suspect that many people don’t actually realise how important their pets are for them.”
