A recent study involving 2,000 dog and cat owners revealed that 40% of pet parents view the financial burden of pet ownership as comparable — if not greater — than raising children. While it’s common knowledge that raising kids comes with significant expenses, especially as they grow (think tuition, activities, and everyday necessities), pets also incur substantial costs.
Unexpected expenses for veterinary care, training, and other essentials can accumulate rapidly, even if you have pet insurance, which itself can run into the hundreds or thousands annually. According to the survey conducted by OnePoll in collaboration with MetLife, pet owners spend an average of over $4,500 yearly on basic pet needs. Notably, more than half of the participants (52%) reported spending more on their pets than on themselves, with many allocating approximately $200 from each paycheck exclusively for their furry companions.
Among the biggest expenses listed were food, toys, flea and tick treatments, and medical care, which costs nearly $60 less per year than their own health treatments. Surprisingly, 61% of respondents admitted that pet ownership is pricier than they had anticipated, resonating with the experiences of parents raising human children. While many dealt with unexpected costs like cleaning supplies and specialized pet first aid kits, 74% stated that cost is not a concern as long as their pets remain healthy and happy — a sentiment that likely rings true for parents of children as well.
Katie Blakeley, a leading figure in pet insurance at MetLife, noted, “For many pet parents, their animals are more than just ‘furry friends’ — they are part of the family.” However, the financial strain of pet ownership is real, as many are willing to bear any expense to ensure their pets’ well-being.
Adding a new member to your family, whether it’s a baby, cat, or dog, undoubtedly comes with costs, but the love and joy they offer are truly invaluable.
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In summary, a significant portion of pet owners perceive the costs associated with pet care as comparable to those of raising children. This highlights the emotional and financial commitment that comes with being a pet parent, emphasizing that, while expenses are substantial, the affection and companionship pets provide are immeasurable.
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