1 in 3 love their pet more than their partner, but costs are rising

Nearly one in three (30%) pet owners in the UK place the bond with their pet above that of their partner. But this deep domestic devotion is facing a quiet crisis of affordability. Spiraling veterinary costs and the broader cost of owning a pet are fundamentally reshaping household finances, forcing many to reconsider whether they can afford to keep animals in the future.  

Investec Save’s study with pet owners across the country reveals a stark contrast between emotional attachment and economic reality. When questioned about their deepest emotional connections, 30% of respondents confessed that they definitely love their pet more than their partner. A further 30% stated that their love is divided equally between the two, and 10% confessed that their primary affection depends entirely “on the day”, routinely favouring whichever companion – human or animal – behaves best. 

Only 31% of pet owners who took part in the survey ranked their partner as their primary emotional connection, highlighting how central animals have become to the modern British household structure. 

While emotional bonds are strong, the financial reality of maintaining them has hit breaking point. Investec Save’s research reveals that almost a quarter (24%) of owners conceded that if they had known the true lifetime cost of veterinary care beforehand, they probably would not have taken on a pet.

This financial strain is actively reshaping the future of pet ownership in Britain. When questioned about future intentions, over a quarter (26%) of owners state that they would outright refuse to get another due to the costs involved in owning a pet and rising vet fees. A further fifth (20%) say they remain undecided, meaning nearly half (46%) of all current pet-owning households could soon become animal-free. Only 55% feel financially secure enough to consider committing to another pet in the future. 

David Hunt, Head of Savings, Investec Bank, said: “Our research reveals just how highly UK pet owners cherish their animals, with many often eclipsing even human relationships. However, with the lifetime cost of owning a companion rising, pet owners need to plan ahead not just for routine costs, but for unexpected vet bills too. 

“Pet insurance can be a valuable safety net, but there may still be bills that are not covered by a policy, or an excess that needs to be paid. That means pet owners may need cash available at short notice. Building a ringfenced cash fund for pet-related costs within a competitive savings account can help ensure money is accessible when it is needed, while holding it in a high-interest account gives those savings the opportunity to grow while they are set aside for future care.” 

Investec Save’s range of accounts can be opened online in minutes and are fully managed online with no hidden fees or charges. The Online Flexi Saver, which currently offers 3.79% AER*, is a simple and secure instant access savings account. Unlimited deposits and withdrawals are allowed. This makes the Online Flexi Saver worth considering for unexpected expenses such as a vet bill. 

Its 1-Year Fixed Rate Cash ISA, which currently pays 4.60% AER*, enables customers to lock in higher rates for longer, helping them grow their savings and make the most of their tax-free ISA allowance each tax year. It is available to all customers, whether they are opening a new ISA to fund using their current annual allowance or transferring in an existing cash ISA from another provider.  

The Fixed Rate Saver offers 1-Year term at 4.65% AER, 2-Year term at 4.50% AER* or 3-Year term at 4.55% AER*. Interest is paid on maturity of the 1-Year term and annually on the 2-Year and 3-Year terms. No withdrawals are permitted until the end of the term in each case, and no further deposits can be made after the first seven days. 

In addition, its 90-Day Notice Saver, which currently pays 4.00% AER*, offers unlimited deposits with withdrawals subject to 90-days’ notice. 

For more information on Investec Save products, visit: https://savings.investec.com.