Could having pets encourage financial responsibility?

Financial services provider Empower asked 1,000 pet owners in America about their spending patterns. GlobalPETS analyses the key highlights.

Attitudes and spending habits

Americans spent a rough average of $1,355 (€1,264) on their pets in 2023, with nearly 1 in 5 (19%) planning to spend more this year.

A third of respondents said they buy more items for their companion animals than themselves.

Most owners spend this money on their pets because they view them as family members (94%), enjoy shopping for them (88%) and want to spoil them (71%). Around a third (32%) say they make purchases as they feel guilty for not spending enough time with their pets.

Over 4 out of 10 (42%) respondents to the Empower survey admitted that the more money they make, the more they spend on their pets.

Unexpected spending

In the case of unexpected medical expenses, over three-quarters of respondents (77%) said they would dip into their savings or emergency funds, while over two-fifths (44%) were willing to take on debt through loans or credit cards.

An additional 41% admitted they would work extra hours or overtime, while a smaller group of owners said they would cancel traveling (31%), borrow money (30%) or cancel subscriptions and memberships (22%).

Motivator for healthy finances

36% of owners cited pets as the key motivator to reach their financial goals. Around two-fifths, or 39%, attributed their furry friends to inspiring them to be more financially responsible.

31% said that pet ownership motivates financial goal setting, while 35% noted it encourages them to work harder or seek higher-paying jobs.

More than half of Americans (57%) consider their pets in their long-term financial planning. 13% of all pet owners and 1 in 5 Gen Z pet owners have a dedicated savings account for their pets.

Work and life balance

Many owners display various attitudes to providing better for their pets. For example, over a quarter (28%) of respondents were willing to take a pay cut for a job with flexible hours to spend more time with their pets. Gen Z (31%) were the most willing.

Similarly, 30% of all respondents, or 34% of Millennials, were willing to turn down a higher-paying job to spend more time with their animal companions.

Almost three-fifths of Americans (57%) were willing to switch jobs for the same pay but more pet-friendly benefits, while 41% were “more likely” to return to the office if they could bring their pets to work.

As many as 26% aspire for jobs with ‘pawternity’ leave, though only 17% would consider a lower-paying job with these benefits.