Owning a pet can boost life satisfaction as much as earning an extra £70,000 ($93,000) a year, according to a new study by researchers from the University of Kent and the London School of Economics. The study, published in the journal Social Indicators Research, found that having a cat or a dog as a companion can increase human life satisfaction and well-being.
The research team, led by Dr. Adelina Gschwandtner from the University of Kent and co-authored by Michael Gmeiner from the London School of Economics, analyzed data from the UK Household Longitudinal Study, which includes responses from over 2,500 households and more than 2,600 participants. The participants were surveyed about their life satisfaction, personality traits, and pet companionship.
Using a methodology called the life satisfaction approach, an economic tool that estimates the monetary value of different life events or conditions by examining their contribution to reported happiness, the researchers isolated the true impact of pets on well-being. They concluded that pets may contribute up to £70,000 per year to life satisfaction, a figure comparable to the boost associated with being married or frequently spending time with friends and family.
"This research answers the question whether overall pet companions are good for us with a resounding 'Yes.' Pets care for us and there is a significant monetary value associated with their companionship," said Dr. Gschwandtner, according to the Daily Mail.
The study found that pet ownership increases life satisfaction by three to four points on a scale of one to seven, indicating that pets contribute to joy and life satisfaction.
"Overall, pet carers in general appear to be more open, conscientious and extroverted than non-pet carers," the researchers observed. "While cat carers appear to be more open, dog carers appear to be more extroverted, agreeable and less neurotic," they added. These profiles may influence both the choice of the animal and how each person relates to it.
To address potential reverse causality and isolate the direct impact of pets on happiness, the researchers used an instrumental variable approach with a novel instrument called TOTORO. This variable indirectly signals the likelihood of owning a pet and helped control for potential biases in the analysis.
Dr. Gschwandtner believes that the monetary values associated with pet companionship are realistic and can be used for health care practice and policy to increase the well-being and life satisfaction of humans involving pets. She suggested that policymakers might consider making pet ownership more accessible, for example, by easing restrictions that prevent renters from having animals or promoting pet-friendly housing.
"We only have information about cats and dogs as these are the most prevalent pet types, but we do not wish to underestimate the importance of other types of pets for wellbeing such as fish, hamsters, rabbits, reptiles or horses," said Gschwandtner, according to the Daily Mail.
The study emphasizes that pets may serve as vital companions, especially in a world increasingly marked by isolation. Pets not only provide companionship but also have been linked with both physical and mental health benefits.
The article was written with the assistance of a news analysis system.