Discover How Pets Deliver Joy Comparable to Spouses: New Study Reveals

If you think pets are boosting your mood, you’re right. According to a study from the U.K. published in the Social Indicators Research journal, pets elevate life satisfaction and overall wellbeing on par with family and friends, and can even replace their presence in our lives.

The research, which focused on dogs and cats, put a monetary value on the benefits of pet ownership, estimating it at $90,000 per year in terms of life satisfaction.

Though “life satisfaction” might seem abstract, this valuation aims to quantify the benefits of pet ownership, suggesting that the impact of a pet on someone’s life is equivalent to receiving $90,000.

This figure coincides with the “implicit price” that people would associate with the time spent with friends or family.

Insights from the Economist Behind the Pet Study

Adelina Gschwandtner, the study’s co-author, expressed her initial shock at the findings to CNN: “At first, when I saw the values, I was taken aback. It seemed like a huge amount, even for someone like me who adores pets.”

Upon reflecting further, Gschwandtner recognized a common sentiment, “most people consider their pets as akin to friends or family members.”

She posed an intriguing question: “If pets are on par with friends and family, shouldn’t their value be comparable to regular interactions with loved ones? You enjoy your pet’s company daily.”

In a discussion with The Times, she elaborated on her research, “I understand why some might be skeptical, but other economists have previously assigned similar values to weekly meetings with family and friends. When viewed in that light, our results seem reasonable.”

She also speculated, “I believe many people might not fully realize how crucial their pets are to their wellbeing.”

The study analyzed data from 2,500 U.K. households, not just contrasting pet-owning households with those without pets. It employed an instrumental variables approach considering various factors such as personality types to draw its conclusions.

The researchers discovered that pet ownership correlated with an increase in life satisfaction ranging from three to four points on a scale from one (completely dissatisfied) to seven (extremely satisfied).

The study also noted that “pet carers generally tend to be more open, conscientious, and extroverted compared to those without pets.”