1 in 5 American pet parents rehomed their pets in 2022, survey finds

While financial struggles are causing owners to give up pets and relinquish care, more than two-thirds of the pet parents surveyed do not have pet insurance to offset healthcare costs.

In a new survey from pet insurance marketplace Pawlicy Advisor, 27% of respondents said they refused necessary medical care for their pet due to financial reasons. 

The research also unveiled that most pet owners in the US can’t pay out-of-pocket fees due to inflation and the high cost of living.  

More than half (64%) of respondents were alarmed by pet care costs in their first year of owning a pet. While 21% reported that they rehomed a pet in 2022, 26% cited the cost of living as the primary reason. 

Challenging times

Pawlicy Advisor noted that Gen Z prioritizes their pets more than the older generations. It reported that 52% of the surveyed 18 to 24-year-old pet parents had taken a policy. Only 16% aged 45 to 54 and 13% of those above 54 had an insurance policy for their pets. 

Generally speaking, pet parents who earn less than $100,000 (€92,000) annually face more difficulties than those who make more. According to Pawlicy Advisor, only 29% are paying for pet insurance. 

Pet parents earning above that amount are more likely to have insurance policies for their animals (57%). 

Despite high living costs, 65% of pet parents who earn at least $100,000 say they would spend between $50 (€46) to $200 (€185) monthly on gifts for their pets, while 60% of pet parents who earn less would usually spend under $50 in a month.

This survey was carried out in the US in December 2022 with 1,000 dog and cat parents aged 18 and above.