If you carefully calculate how much it will cost to keep a pet, the result may surprise you. The average pet owner spends over $4,500 on their pet's basic needs every year, according to new research. Two in five pet parents agree that having a pet is just as, if not more, expensive than raising a child, and 61% confirm that having a pet is more costly than they initially thought.
A survey of 2,000 dog and cat owners looked at their spending habits regarding their furry companions and found that half of the respondents said they spend more money on their pets every year than they do on themselves. Three in five pet parents specifically allocate about $200 from each paycheck just for their pet's necessities.
Food came out first on the list of both the most repurchased and expensive pet items, followed by toys, flea/tick treatments, and medicine. 27% didn't expect that they'd have to invest in stain/odor removers, and 26% had no idea that a pet first aid kit would come in handy. Overall, taking care of their pet's health isn't cheap, as one-third of pet parents said they usually end up exceeding their budget by at least $500 whenever they take their pet to the vet.
Pet parents average that expensive medications/treatments for their pets are only $60 less than ones for themselves. Still, 74% said cost doesn't matter - as long as they can make sure their pet is healthy, happy, and safe. Additionally, more than half of respondents (58%) worry about their pet's health more than their own.
Seven in 10 expect that their pet is most expensive to care for in their younger years, 74% of people are more worried about their furry friend's health and how they'll recover as they age. The top health concerns are their pet's mobility issues (43%) or developing cancer (39%). Sixty-two percent of pet parents are concerned about their pet developing illnesses because they might not be able to afford the cost of their pet's health over time. Despite these financial concerns, 58% of respondents haven't yet signed up for pet insurance to help cover their furry friends' health expenses.
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