Personal Finance News
Survey: Pet Owners Spend Average of $1,750 Annually on Pets
A recent survey from ValuePenguin found that the majority of pet owners end up spending more per year on their furry friends than they anticipated.
About the Survey Results:
According to a survey of 2,000 pet owners, 61% admit that taking care of their animals ends up being more expensive than they thought. Moreover, on average, these respondents report spending upwards of $1,750 a year on their pets.
While 51% of those surveyed say they’ve tried to cut back on their pet spending (including 39% who have attempted to do so in the past year), accidents and injuries can make this impossible. In fact, 49% of pet owners stated that they had to take their pet to either an emergency vet or have them treated for a serious medical issue. On average, these expensive unexpected events cost $902.
As one might expect, despite the costs, the majority of pet owners remain dedicated to their animals. Nearly three-quarters (73%) of those surveyed stated that they’d be willing to take on debt in order to save their pet’s life. Moreover, 29% said that they’d spend more than $5,000 to do so — including 7% who would go more than $20,000 in debt for their pet. Unfortunately, however, half of respondents said they couldn’t afford an emergency of $1,000 or more. Notably, 72% say they don’t currently carry a pet insurance policy.
Overall, though, 88% of pet owners state that they still would have gotten their pet in spite of the high costs associated with taking care of them. Similarly, 80% of respondents said they’d never considered giving up their pets due to expenses. Meanwhile, 55% told ValuePenguin that they wanted even more pets.
What They’re Saying:
Discussing the results of the survey, ValuePenguin insurance expert Rob Bhatt said, “Pet ownership is particularly expensive when you first get your pet. You need things like food bowls, collars, leashes, safety harnesses, and carriers,” adding, “Young pets also usually need checkups and vaccinations. These costs can add up quickly.”
My Thoughts:
As a dog owner myself, I can definitely sympathize with the surprising amount of money you may end up spending on them. That’s especially true when it comes to vet bills, as illness and accidents do arise. However, I’ve found that having pet insurance can be extremely helpful for that.
Personally, we’ve had a policy with Lemonade since we got Rigby and, in the past year, it’s saved us a lot. While we’d be well over that $1,750 average if we paid for her mast cell tumor surgeries out of pocket, the reimbursements we’ve received from our coverage have helped keep us well below that. Granted, now that we’ve used the policy a lot this year, I’m bracing to see what our renewal will look like.
The bottom line is that, although having a pet can be a great blessing, you’ll want to ensure that you can truly afford them first. Otherwise, you could be doing yourself and your animals a disservice.
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