Study Finds Most Pet Owners Underestimate the Lifetime Care Costs

We love our pets and treat them as members of the family, but owning a four-legged companion can get costly. Furthermore, the lifetime cost of owning a pet has increased, according to a new study conducted by Synchrony, a financial company.
Synchrony’s Lifetime of Pet Care study found that nearly eight in 10 U.S. pet owners underestimate the lifetime cost of caring for their pet. The report also shows that lifetime care costs have increased significantly since 2022, by 11,65% for dogs and 19,4% for cats. This increase reflects a growing investment in veterinary care, technology, and wellness products.
The study, which surveyed 4,861 U.S. pet parents, found that caring for a dog over a 15-year period can cost between $22,125 and $60,602. Meanwhile, caring for a cat over a 15-year period is estimated to cost from $20,073 to $47,106.
For the first time, the study also included the lifetime care costs for small animals, such as guinea pigs, hamsters, and rabbits. Caring for pocket pets over a six-year lifespan can cost between $7,600 and $14,938.
Most pet owners, however, estimated much lower spending. According to Synchrony’s report, dog owners expect to spend only $8,000 on their pups’ lifetime care, while cat owners estimate spending just $6,000 on lifetime care costs.
“Pets enrich our lives in countless ways, and it’s natural for pet owners to want to provide them with the best possible care,” said Jonathan Wainberg, senior vice president and general manager of Synchrony’s pet division. “Our research shows that while 60% of dog owners, 61% of cat owners, and 59% of ‘pocket-pet’ owners see them as family, many are unaware of the actual financial commitment.”
The report also uncovered increased financial worry among pet parents, with 48% saying they feel anxious about unexpected expenses. Although 74% of owners report they’ve had unexpected pet care costs over $250, only 31% admit they could comfortably cover a large veterinary bill.
A growing number of pet owners, 58% revealed they used a credit card to pay for their pet’s veterinary expenses. Meanwhile, only 20% of dog and cat owners reported having emergency savings or insurance to cover unexpected veterinary bills.
Cats are becoming increasingly popular as pets, with 37% of U.S. households reporting owning a feline. The increase in cat ownership is responsible for the increase in tech spending, which has doubled since 2022.
More and more cat owners are opting for products like automated cat feeders and litter boxes. According to the report, cat owners are now spending between $350 and $480 on high-tech products for their cats.
Dog owners, on the other hand, are spending more on wellness plans and health insurance, contributing to the overall rise in care costs. An average dog owner spends $701 a year on wellness plans for their pooch and $313 a year on dog insurance.
“The best asset you can give your pet is their health,” said Dr. Courtney Campbell, board-certified veterinary surgeon. “Preventative care is the bedrock of a vibrant life. If we can prevent costly emergencies before they start, we can help ensure a lifetime of joy and comfort for our multi-species family members.”
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Nevena is a freelance writer and a proud mom of Teo, a 17-year-old poodle, and Bob, a rescued grey tabby cat. Since childhood, she had a habit of picking up strays and bringing them home (luckily, her parents didn't know how to say NO). When she's not writing for her fellow pet parents, Nevena can be found watching Teo sleep. To her defense, that's not as creepy as it sounds!
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