Less than a quarter of pet owners in America have their animals insured
A new survey reveals that having a child, a college degree and a higher income makes a difference in whether owners have pet insurance or not. GlobalPETS dives into the data.
American personal finance firm NerdWallet unveiled that 24% of pet parents in the US currently have pet insurance for their furry friends.
According to the survey, Gen Z pet owners (aged between 18 and 26) have the highest rate (42%), followed by 31% of Millennials (ages 27–42), 17% of Gen X (between 43 and 58) and 13% of Baby Boomers (ages 59 to 77).
When broken down by income, 32% of households earning more than $100,000 (€91.7K) pay for pet insurance. This amount lowers to 23% for pet parents earning $75,000–$99,900 (€68.8K—€91.6K) and 18% for those earning $50,000–$74,900 (€45.8K—€68.7K). 16% of American pet owners with an income under $50,000 (€45.8K) have pet insurance.
Other influencing factors
The survey, conducted in December 2023 of 1,366 dog and cat owners, also found that pet owners with children (31%) were more likely to have pet insurance than those who don’t (19%).
Likewise, having a higher education level also determines whether pet parents have pet insurance. Those with a college degree (28%) reported a higher percentage of insurance ownership than those with a high school diploma or less (21–22%).
Employed pet owners (28%) were also more likely to have pet insurance than those who were unemployed (17%).
Why have pet insurance?
Of the 24% of respondents who admitted having pet insurance, most bought it for their peace of mind (57%), while others got it to keep costs down (42%).
4 out of 10 respondents to this survey say that they did it upon veterinary recommendation.
Of those who did not have insurance, more than half (52%) felt the costs were too high, with female pet parents feeling a stronger burden than men.
Spending abilities
The NerdWallet survey found that 64% of owners consider pets family members and that 38% were willing to spend over $1,000 (€917) on life-saving medical care. However, 13% of pet owners found the cost of pet care to be a source of financial stress.
34% reported budgeting their food, medical care and other expenses to maintain the cost of pet care, and 19% reported overshooting their budgets in the last year.
A previous survey conducted by OnePoll for USA Today found that 91% of American pet owners experienced some degree of financial stress.
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