This Is How Much Millenials Are Spending on Their Pets
The pet-loving generation is sparing no expense when it comes to pampering their fur babies.
It’s no secret that millennials are obsessed with their fur babies- from social media pages for their four-legged friends to picking their pets over people; they’re all about flaunting their love for their furballs. And splurging on toys and treats is just a part of it.
Currently, the largest portion of pet owners in the United States belongs to the millennial generation. And as one of the generation’s most defining traits is their relationship with their pets, the TD Ameritrade decided to conduct a survey to see how much fur babies influence millennial finances. The company surveyed about 1,500 people, 72 percent of whom were pet owners, and their spending habits indicate that they put their pets in the first place. In fact, for their dog’s or cat’s medical care, pet parents were ready to dole out at least as much (or more) as they would for their own medical costs- throughout their adult lifetime.
While it’s clear that the majority loves to pamper their furry loved ones, not all pets come with the same financial requirements.A similar survey by OppLoans focused on financial habits of pet owners, but went a step further to illustrate just how much having a pet costs- categorized by type. On average, millennials spend an average of $173.67 per month on their furry bestie, effectively outspending all other age groups.
Surprisingly, dogs are not the most expensive pets, but they do get more “financial love” than felines, with an average of $139.80 per month which is more than kitties who get $92.98. And it’s not that cat people are any less crazy for their four-legged companions; it’s just that cats are slightly more low-maintenance when it comes to financial requirements. (They make it up in other areas, though.)
Here’s how the rest of the pet kingdom fares:
- Birds: $113.89/month
- Fish: $62.53/month
- Mice or Rats: $80/month
- Rabbits: $65/month
- Reptiles or Turtles: $116.63/month
- Small mammals: $251.82/month
It seems that the category of tiny pets comes with large expenses- but their proud pawrents are more than willing to shell out. What are your thoughts on this? How much moola are you willing to spend on your precious pet?