The debate over which animals are best – cats or dogs – is likely to continue forever, but the cost of having one has been settled.

Dogs cost nearly twice as much as cats in their first year, a survey has revealed, with owners spending an average of £4,791 on the animals and their food, insurance and equipment. Cats cost their owners around £2,455 in the first year.

However, the costliest four-legged creature to own is a horse, which cost an average of £12,654 in the first year, according to research by Nationwide Home Insurance.

Rob Angus, Nationwide's head of general insurance, said: "Owning an animal can be extremely rewarding, but a very expensive experience. Given a pet is for life, it's important to plan ahead and budget for the potential costs involved, otherwise animal ownership could turn into a financial headache."

The dogs from Instagram Show all 6 1 /6 The dogs from Instagram The dogs from Instagram Noodle the Dachshund is just over a year old and comes with her own hashtag (#OodlesOfNoodle) The dogs from Instagram Three-year-old Staffie Ramsey was malnourished when he was adopted as a puppy but is now big and boisterous with ripped muscles and a cheeky grin The dogs from Instagram Winny the Welsh Corgi has been credited with the breed's upsurge in popularity The dogs from Instagram Bruno the miniature Dachshund has 66,700 followers The dogs from Instagram Mika the Husky has 58,900 followers The dogs from Instagram Elle the French Bulldog has 8,868 followers

Cheaper alternatives are fish, at just £769 in the first year, or rabbits at £1,802. Just over half of people saved up before buying a pet to cover the initial cost of the animal and associated items.

But 38 per cent of people dip into savings to cover the ongoing costs of their pets, and 9 per cent use a credit card.