Gen Zers Finding It Hard to Afford Pets
Everyone these days is feeling the effects of increased prices for everything from groceries and medical care to recreation and pet care. But a survey by LendingTree, which involved 1,991 consumers between the ages of 18 and 78 in the United States, found that Gen Zers, in particular, are struggling with affording their pets because of the rising cost of living.
Increased Costs and Debt to Keep Pets
LendingTree’s survey discovered that 85% of pet parents are finding it harder to afford what they need for their pets because of inflation. They stated that they saw increases in the cost of pet food, veterinary services, pet supplies, pet medicine, grooming services, and more.
It has gotten so hard for them, in fact, that 37% have gone into debt in order to give their pet what they need. When asked what contributed to their pet-related debt, 68% of them said it was a medical emergency, while 40% said it was general care costs like food, grooming, vaccinations, etc.
And word has gotten out about how expensive pets can be, as many people are avoiding getting a pet because they are concerned about how they’d be able to afford keeping their companion happy and healthy.
Going Petless to Save Money
Pet parents in multiple age groups are impacted by rising costs, and many are considering going petless as a result. 46% of Gen Zers, 29% of millennials, 14% of Gen Xers, and 7% of baby boomers consider going petless because of the expenses.
In addition to that, 37% of Gen Zers said that they wouldn’t have gotten a pet had they known how pricey being a pet parent would be.
What’s extremely heartbreaking is that many haven’t just thought about going petless; they have actually surrendered their pets because of affordability issues. The survey found that 12% of Americans, and 25% of Gen Zers, surrendered their pets because they couldn’t afford to keep them.
Many pet parents, including Gen Zers, are willing to make financial sacrifices to keep their pets rather than surrender them. The survey found that 64% of pet parents (76% of Gen Zers) were willing to change their spending habits. This included spending less on themselves, not going on vacation if they couldn’t afford a pet sitter, and taking on debt for other expenses.
While pet ownership today is pricey, there’s hope that costs will come down in the future and more people will be able to comfortably afford giving pets the forever homes they deserve.
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Lisa Selvaggio is a freelance writer and editor, and our resident cats-pert, with certifications in pet nutrition and pet first aid. She enjoys producing content that helps people understand animals better so they can give their pets a safe and happy home.
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