The value of pets: the quantifable impact of pets on life satisfaction

Publication type

Journal Article

Authors

Publication date

March 31, 2025

Summary:

There is substantial evidence from psychology and medicine that pets are associated with better health and higher life satisfaction of their human companions. Yet whether this relationship is causal or purely a correlation remains largely unknown. We use an instrumental variable approach to overcome this, specifically exploiting relationships in which neighbours ask individuals to look over their property when traveling, which is correlated with pet companionship. We control for baseline relationships with neighbours as well as various other potential sources of bias. Using the Innovation Panel as part of the UK Household Longitudinal Survey, we find that a pet companion increases life satisfaction by 3 to 4 points on a scale of 1 to 7. Moreover, we estimate the size of the impact of pets on human life satisfaction and wellbeing in monetary units. We find that having a pet companion is worth up to £70,000 a year in terms of life satisfaction, similar to values obtained in the literature for meeting with friends and relatives on a regular basis.

Published in

Social Indicators Research

DOI

https://doi.org/10.1007/s11205-025-03574-1

ISSN

3038300

Subjects

Notes

Online Early

Open Access

This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.


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