Figures from Halifax Pet Insurance demonstrate that purchasing a pet can be a costly business, with the average price of a puppy standing at around £282 and cats typically priced at close to £90.
And debt management problems could well become an issue for some pet owners, as even the 41 per cent of people who considered the cost of owning an animal miscalculated the added financial strain by a full 103 per cent, the recent study suggests.
“The research reinforces the perception of Britain as a nation of pet lovers who are happy to spend large amounts of money to purchase their perfect pet,” said Vicky Watson, from Halifax Pet Insurance.
“However, it is worrying that so few pet owners are researching the upkeep costs for their chosen pet before selecting an animal,” she concluded.
Meanwhile, a recent report from price comparison service uSwitch suggested that British holidaymakers will be face around £355 million worth of added charges for using their credit cards abroad.