BRITISH pet owners are spending an average of £240 a month on their dog and £100 on their cat, a new survey has revealed.

The study, from insurers MORE TH>N, reveals that in spite of these high costs, the majority of pet owners — 58 percent of dog owners and 83 percent of cat owners — did no research into their prospective pet and associated costs ahead of owning it.

And the survey, based on responses from 10,000 owners across the uk, found that 60 percent of those with dogs have insurance for their canine, in comparison to a paltry 30 percent of cat owners, which can mean expensive repercussions for many in the event their pet does fall ill.

The study found that British dog owners are spending an average of £240 on their pooch each month, with costs incurred including food, treats, professional grooming, pet insurance and vets fees.

Cat owners meanwhile are spending £100 on similar items in comparison. This equates to a whopping £24.5 billion being spent on dogs, and £9.6 billion being spent on cats, in the UK each year.

On average, dog owners said they’d be willing to spend up to £1,271 on vet fees and cat owners an average of £767.

While these may sound like large sums of money, the research also showed that pet owners consistently underestimated the cost of the most common medical conditions and their treatment for cats and dogs. Worryingly, many said they would get into debt to pay for their pet’s treatment. The research showed that just over half would dip into their savings, but almost two in five would use a credit card and 26 percent would take out a loan, while nearly a quarter would borrow from family and friends. Most shockingly however, eight percent admitted they’d be forced to have their pet put down.The full report is available at www.morethan.com/pet-insurance