Does owning a pet save us money in the long run?

While cohabitating with a four-legged friend is, typically, a financial investment, a new report from the Human Animal Bond Research Institute (HABRI) suggests pet ownership is actually good for the wallet.

Co-authored by economic and public policy research experts Terry L. Clower, PhD, and Tonya E. Thornton, PhD, MPPA, The Health Care Cost Savings of Pet Ownership reflects pet owner costs achieved from better overall health in the form of fewer doctor visits per year, as well as specific savings for key public health issues, including reduced obesity, minimized infections, and better mental health for children, seniors, and veterans.

Overall, pet ownership saves the U.S. health care system as much as $22.7 billion annually, HABRI reports.

“The results of this analysis are conservative and likely underestimate the positive health care savings connected to pet ownership,” Dr. Clower says. “Presently, there is not yet sufficient data available to calculate the direct heath care cost savings for some of the known beneficial health effects of pet ownership and we believe future analyses will show even greater economic benefits.”

“By commissioning this economic report, we are documenting the important role of pets as valued contributors to public health,” adds HABRI’s president, Steven Feldman. “This data suggests there should be stronger societal support for keeping pets and people healthy together.”

The report, which was made possible by a grant from Banfield Pet Hospital, can be accessed here.