Key Points:
A new study finds that owning a pet boosts life satisfaction as much as having a spouse — worth an estimated $90,000 in well-being value.
Using data from over 2,500 U.K. households, researchers found that pet ownership increased life satisfaction by up to four points on a 1–7 scale.
The emotional benefits of having a dog or cat were comparable to regular social interaction and may have implications for public health and well-being policy.
While many pet owners are well-versed in the costs associated with having a pet, what about the well-being your furry friend can also bring?
A new study conducted by researchers from Kent University explored the life satisfaction associated with owning a pet. Their work showed that the satisfaction dog and cat owners get from their pets is equivalent to that of having a spouse.
“This research answers the question whether overall pet companions are good for us with a resounding ‘Yes,’” researcher Dr. Gschwandtner said in a news release. “Pets care for us and there is a significant monetary value associated with their companionship.”
The study
For the study, the researchers analyzed data from over 2,500 households enrolled in the U.K. Household Longitudinal Study.
Participants answered questions about their pets, life satisfaction, personality traits, pet companionship, social relationships, and mental and physical health. The researchers also included factors such as age, gender, income, ethnicity, education, marital status, employment status, household size, and more.
To determine the link between pet ownership and life satisfaction, the researchers utilized a technique often used by economists known as the “life satisfaction approach.”
“The process involves using simple regression analysis to determine the implicit price of different factors or occurrences in life,” the researchers wrote.
“For example, economists have shown using life satisfaction surveys that marriage, compared to being single, is worth around £70,000 a year for a representative person in Great Britain. Separation, on the other hand, is equivalent to around minus £170,000 a year.”
The benefits of pet ownership
Ultimately, pet ownership was associated with a significant increase in life satisfaction. On a scale of 1 to 7, pet ownership increased life satisfaction by as many as four points.
Additionally, in terms of how having a pet can impact consumers’ from a monetary perspective, the researchers found it was equivalent to having a spouse, or meeting with friends or relatives regularly – £70,000, or nearly $90,000. This figure applied to pet owners who had dogs or cats.
“This information can be used for health care practice and policy aiming to increase well-being and life satisfaction of humans involving pets,” Dr. Gschwandtner said.