The survey revealed that on average dogs cost almost £600 a year and require more than 600 hours of care, compared to £336 and 340 hours for a cat. Additionally, 22 per cent of pet owners surveyed admitted that caring for their pet is more expensive than they anticipated.
Veterinary fees were revealed to be the main expense, with average annual charges for dogs and cats totalling £200 and £150 respectively.
Despite the costs of maintaining pets, those surveyed revealed they were willing to spend up to £25 on a single treat for their pets.
Head of Tesco Pet Insurance Colin Campbell said: “We would urge [people] to consider these costs before committing to a pet. In particular, [they] should plan ahead for vet bills to ensure that they are taking out adequate insurance against any injury and illness which could cost thousands. Although pets are undoubtedly fine companions, all prospective owners should beware of underestimating the financial and time commitments involved.”