A prominent financier, teetering on the brink of bankruptcy, claims that the only thing that keeps him sane is the affection of his cat. “It isn’t even mine,” he says. “It climbed through the window one night and adopted me.”

Chill out
The therapeutic value of pets is well documented. Stroking a dog or a cat literally lowers our blood pressure. Owners of Koi Carp, a type of fish, swear by the calming effect of their presence. For the elderly, loneliness is often a reality and the companionship of an animal can put the spring back in their step.

If you are considering getting a pet, do your homework on its good and bad traits. Each year, thousands of animals are put down or sent to animal shelters because of “unacceptable behaviour”. Until trained, puppies chew just about everything that they encounter and cats might use your antique furniture as a scratching post. My newest kitten (found abandoned in an underground car park) is a delight but she digs up every seedling I plant in the garden.

Think carefully
If you have never owned an animal before, the most sensible course of action is to buy one from a reputable breeder who will guarantee it is healthy and likely to be psychologically well balanced. Dogs bought from animal shelters can be catatonic through grief and distress, and it can take months of painstaking work – a combination of tender, loving care and firm training – to return a grief-stricken dog to its natural happy state. I have four that were all abandoned by the roadside as puppies and each took months to get over the ordeal.

It goes without saying that your pet should be neutered; this will curb a dog’s naturally aggressive tendencies and help keep a cat close to home.

You also need to consider the animal’s needs. Research has shown that rats moved from a boring cage to a rat Disneyland developed more brain cells and became more active and alert. Both cats and dogs will appreciate having their own “patch”. Dogs may like a basket with their own blanket that can accompany them should they need to go into kennels when you go on holiday. Cats like to be enclosed, so give yours an all-encompassing box they can climb into.

Stay active
The most important element in a dog’s life is going for a walk. It isn’t enough to let it out into the back garden; every dog needs to be walked in public places. All that sniffing and leg cocking is an intrinsic part of the canine communication network. If you confine a dog to its own territory, you deprive it of a basic need. A dog walker could be the perfect solution for elderly owners who are too frail for daily walks. You can easily find one by typing “dog walker” into the Google search engine.

If the idea of a budgerigar appeals, don’t buy just one. Socially gregarious critters, they should be bought in pairs. While humans make good dog substitutes and reasonably good cat substitutes, we make lousy bird substitutes – we can’t regurgitate seed to show affection as another budgie would.

Make provisions
Sixty-somethings have to face the possibility that our pets may outlive us. Do make provision for yours in your will and sound out friends and family as to who might be willing to look after them and find them a good home.

For those who hanker after something a tad more exotic without too much involvement, adoption is worth considering. Dublin Zoo has a scheme that, for a fee, allows you to adopt an orangatang, snow leopard, penguin or Sumatran tiger, which, of course, can be visited on a regular basis.

Play time
When it comes to toys for your pets, dogs might like the Kong, a retrieve toy that is weighted to bounce at odd angles in imitation of a rabbit. It is designed by dog expert Roger Mugford to sharpen your dog’s reflexes and is covered with a non-abrasive coating that is kind to canine teeth. Cats love nothing better than the humble ping-pong ball. If you seriously care for your cat, cover it with fur – fake, of course.