More than half are alarmed by high pet care costs the first year as dog and cat owners.
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.
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.
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