Pet Owners Underestimate the Cost of Pet Care
We love our pets. Seven out of ten pet parents consider their pets as members of the family, yet nearly half underestimated the lifetime cost of care, which ranges from $20K-$55K for dogs and $15K-$45K for cats, according to a Synchrony Lifetime of Care study.
The research, conducted for Synchrony’s pet and vet financial solutions, CareCredit and Pets Best Pet Insurance, covered an exhaustive list of dog and cat expenses, from first-year expenses (spaying/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.
According to the American Pet Products Association, 90.5 million U.S. homes now include a pet, and in 2020 alone, $103.6 billion was spent on pet care. The Lifetime of Care research revealed dog owners can expect to spend between $1,300 – $2,800 and cat owners approximately $960 – $2,500 in the first year alone.
“Millions of Americans choose to share life with a pet, yet the true cost of ownership has historically been incredibly vague,” says Jonathan Wainberg, senior VP and general manager of Pet, Synchrony. “We want pet parents to have a deeper understanding of what to expect financially, and knowledge of the flexible payment solutions that are available to help them manage the costs of care throughout their pet’s lifetime.”
Four out of five pet owners will face an unexpected vet bill. Pet insurance, like Pets Best, can offer peace of mind knowing you’re protected and take the financial worry out of owning a pet, so you can focus on making the best decisions for your dog or cat. For more information, visit www.synchrony.com
(PR newswire / pets.care
