Turns out, the secret to feeling richer might be curled up at your feet right now.
New research published in Social Indicators Research has found that owning a dog or cat can give you the same emotional boost as receiving a six-figure pay raise. Specifically, the study suggests that having a furry companion in your life is emotionally equivalent to earning an extra $120,000 CAD (about $88,000 USD) a year.
And for millions of Canadians, that’s no surprise, as well over half of Canadians report having at least one pet.
Paws and Happiness
Past studies have shown that pet ownership can improve both mental and physical health—and may even contribute to a longer life. But this new research suggests something more: the joy of living with a pet outranks even some of life’s happiest milestones.
The study examined key contributors to life satisfaction, including income, friendship, and marriage. Surprisingly, pets ranked right up there with close relationships and financial stability. In fact, the emotional lift from pet ownership rivaled the boost people get from spending time with friends or being happily married. The key difference? Your pet probably doesn’t leave dishes in the sink.
“More and more people are reporting pets to be members of the family,” said Jacklyn Ellis, director of behavior at the Toronto Humane Society. “So there is certainly a shift in the way we think of how these animals fit into our lives.”
Why Pets Matter More Than Ever
According to 2022 data from the Canadian Animal Health Institute (CAHI), about 60% of Canadian households include at least one dog or cat. That’s roughly 8.5 million cats and 7.9 million dogs padding around homes across the country.
The timing of this research couldn’t be better. In a world where loneliness and stress are increasingly common, the unconditional companionship of a pet can be a powerful balm. Whether it’s a wagging tail greeting you at the door or a gentle purr on your lap during a hard day, pets offer emotional support that money just can’t buy.
The study also considered whether happier people are more likely to adopt pets—or if pets help people become happier in the first place. While the relationship is complex, researchers believe both factors may be at play. Pet ownership may enhance well-being, especially for people who live alone or experience social isolation.
The Science Behind the Snuggles
So how exactly do pets make us feel so good?
Studies have shown that spending time with pets can lower blood pressure, reduce stress hormones like cortisol, and boost feel-good chemicals such as oxytocin. Plus, pet owners are more likely to stick to daily routines, stay active, and have someone to care for—all things that contribute to better mental health.
While owning a pet comes with responsibilities (and vet bills), for many, the emotional benefits far outweigh the costs.
“It can be even more meaningful for people who are dealing with loneliness or social isolation. It can make a huge difference in those situations,” Ellis said.
A Best Friend with Benefits
If you’ve ever looked into your dog’s eyes and felt your worries melt away, science now has your back. Pets aren’t just companions—they’re powerful sources of emotional well-being, with value that stretches far beyond their kibble budget.
So next time you catch your cat curled in a sunbeam or your pup nudging you for a walk, remember: that’s not just cuteness—it’s emotional equity.
Because sometimes, the best investment isn’t in your bank account—it’s the one wagging its tail beside you.
