Researchers found that pet ownership causally increases life satisfaction, valued at up to £70,000 (approximately $88,000) annually. The effect is comparable to well-being gains from marriage or social interactions. Utilizing an instrumental variable approach, the study revealed a statistically significant causal effect and estimated pet companionship increases life satisfaction by 3 to 4 points on a 7-point scale. Pet owners had higher scores on openness, conscientiousness, and extraversion compared with non-pet owners.

Source: Social Indicators Research