A new study from MORE TH>N reveals just how much Britons are spending on their pet each month – including £240 on average for a dog and £100 for a cat.

The report looks into the future of pet ownership in the UK – ranging from issues surrounding their health and wellbeing, through to the financial implications for the owner.

The comprehensive report is based on a study of 10,000 cat and dog owners which paints the fullest picture of the state of the nation’s relationship with their pets to date.

The study found that British dog owners are spending an average of £240 on their pooch each month, with costs incurred including food, treats, professional grooming, pet insurance and vets fees. Cat owners, meanwhile, are spending £100 on similar items in comparison. This equates to a massive £24.5 billion being spent on dogs, and £9.6bn being spent on cats, in the UK each year.

Despite the well-documented significant cost of owning a pet, however, the study also found that the majority of would-be pet owners – 58 per cent of dog owners and 83 per cent of cat owners – did no research in to the costs associated with their future pet prior to owning it, with one in five not even thinking there was research to be done.

The research revealed only six in ten dogs and three in ten cats are insured, which could mean expensive repercussions if their pet becomes ill or is injured and they are faced with unexpected vet bills.

Andrew Moore, director of pet claims at MORE TH>N said: “The NHS provides a free health service for humans, but there is no safety net for our pets. Since there is no frame of reference, vet bills can appear high and come as an unaffordable shock to many owners when their pet is taken sick.

“The average car accident repair is £1,944 and people wouldn’t dream of not being insured, but some of the claims costs we see for pets can exceed this and yet the lack of awareness of this financial risk means that many pet owners don’t think they need pet insurance.”