Nearly half of cat owners underestimate the cost of caring for their pets according to a new study entitled “Lifetime of Care” where 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 $15K-$45K for cats and from $20K-$55K for dogs.
Additionally, approximately half of all pet owners who thought they were financially ready for unexpected pet expenses, were not, and would consider a financial solution dedicated to financing care for their pet.
The study is based on findings from 1,200 pet owners and 100 veterinarians and provides consumer insights, verified by veterinary practices, into the lifetime of care cost of cat or dog ownership. The research, conducted on behalf of Synchrony’s pet and vet financial solutions, CareCredit and Pets Best Pet Insurance covered an exhaustive list of cat and dog expenses, from first-year expenses (spaying/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.