Despite the rising cost of living, consumers have revealed that spending on their pets is something they are unlikely to cut back on.
Research by NAB showed that only 18 per cent of consumers are willing to cut back on spending on their pets, behind only children’s school fees and sports.
Claire Righetti, Head of Everyday Banking at NAB, said the rising cost of living is prompting Australians to cut back spending in some areas to prioritise spending on things they value most.
“Australians are becoming more ‘considered consumers’ and saving an average of $286 each month through small thoughtful cutbacks – it means they can still spend on those things that really matter – for some people it’s the family pet and for others it’s getting extra help around the home.”
The findings that consumers are prioritising spending on their pets is line with the research from NAB’s recent financial wellbeing survey that revealed pets have the biggest positive impact on people’s wellbeing at 58 per cent, ahead of family and personal relationships (49 per cent), and the home we live in (46 per cent).
“Despite feeling the pinch, people are making cutbacks on things like coffee and cinema outings, so they can still dedicate funds to their kids and pets.”