7 out of 10 American owners don’t save for pet healthcare, says study

Pet insurance company Lemonade found that the average budget among pet parents to spend on pet care is $1,907 (€1,774) per year, 4% of their income. 

Dog owners spend $2,075 (€1,898) on animal health, the highest spenders being those who own Poodles and Pomeranians at $3,300 (€3,019) and $2,640 (€2,415), respectively.

Cat owners outlay $1,746 (€1,597), with Persian cat parents stretching to $2,696 (€2,466) and followed by Maine Coon owners at $2,640 (€2,415).

The research on 1,000 pet parents also found that Gen Z would be happy to spend up to $2,293 (€2,098) on pet healthcare, compared to the $1,367 (€1,250) of baby boomers.

Pet owners without children budgeted $250 (€228) more every year for their animals than those with kids, according to the figures.

Life-saving costs

More than 4 out of 10 respondents (42%) agree they could not afford life-saving treatment, while 70% admit they don’t have savings to pay for medical crises.

American pet parents would spend an average of $6,000 (€5,489) on urgent healthcare.

Gen Z would take the biggest financial hit in a life-or-death situation, spending up to $11,153 (€10,204) compared to $5,906 (€5,403) among millennials.

The Lemonade survey also revealed that Labrador Retriever dog owners would be willing to spend up to $27,500 (€25,161) on urgent healthcare and $18,226 (€16,675) among those owning Russian Blue cats.