Have a pet? They could boost your happiness as much as $120K a year

Owning a pet can significantly boost your happiness, potentially as much as a six-figure raise, offering emotional benefits comparable to close relationships.

Want to know what’s worth as much as a six-figure pay rise?

A pet.

New research shows that the benefits of having a dog or a cat may be equivalent to those you get from receiving an extra $120,000 CAD a year.

The study, published March 31 in the journal Social Indicators Research, shed light on the impact pets have on human happiness, finding that they can also give a life satisfaction boost equal to regular hangouts with friends or even being married.

“More and more people are reporting pets to be members of the family,” said Jacklyn Ellis, director of behaviour, at the Toronto Humane Society. “So there is certainly a shift in the way we think of how these animals fit into our lives.”

Sixty per cent of Canadian households own at least one cat or dog, according to 2022 data from the Canadian Animal Health Institute (CAHI), with an estimated 8.5 million cats and 7.9 million dogs in homes across the country.

Studies have already shown that animals can boost both physical and mental health, helping to reduce stress, encourage physical activity, and even contribute to a longer life.

“Companionship, this certainly helps foster positive mental health on a day-to-day basis, which can help make you more resilient to crises that come up and certainly are associated with more satisfaction scores and better quality of life assessments to pet owners,” Ellis said.