According to a new Synchrony CareCredit study, 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 $20K-$55K for dogs and $15K-$45K for cats. The study, entitled “Lifetime of Care,” is based on findings from 1,200 pet owners and 100 veterinarians. Recently, Pet Expert and Author, Andrea Arden, teamed with Synchrony to discuss the survey results and what pet parents can expect.
A video accompanying this announcement is available at: https://youtu.be/N8Rwav2Wws8
The research covered an exhaustive list of dog and cat expenses, from first-year expenses (spaying/neutering, vaccinations, pet supplies) to food and health insurance, to end-of-life expenses.
The three biggest takeaways for pet parents all point to need for financial preparedness:
- Pet owners spend as much as $55,000 during a pet’s lifetime.
- Nearly half of pet owners underestimate the cost of caring for their pets.
- 30 million U.S. households will face an unexpected pet expense that will cause them financial worry.
Pet ownership is on the rise across the United States, and pet parents are spending more than ever before on their pets -- two trends rapidly accelerated by the pandemic.
Today, 90.5 million U.S. homes now include a pet. And, one in five households acquired a new pet during the pandemic. The pandemic further fueled the growth of pet ownership, while definitively proving the importance of pet companionship for our overall mental health and wellbeing.
Synchrony seeks to build further awareness for the options that can help pet owners be financially prepared, from pet insurance like Pets Best, to pet care credit cards like CareCredit. Together, CareCredit and Pets Best offer a complete financial solution, and card holders can pay for services using their CareCredit card, and then apply the reimbursement from Pets Best towards their CareCredit account.
Together, CareCredit and Pets Best help with routine veterinary expenses like annual check-ups, teeth cleaning, microchipping and unexpected emergencies. Unlike other credit cards, CareCredit is a great resource for pet parents because it has deferred interest (up to 18 months), and it’s offered at approximately 25K veterinarian clinics around the country.
For more information, visit petlifetimeofcare.com
About Andrea Arden
Andrea Arden is the author of Barron’s Dog Training Bible, Dog-Friendly Dog Training, Train Your Dog the Lazy Way, and The Little Book of Dog Tricks. Andrea has served as pet expert for Animal Planet, Live with Kelly and Ryan, and The Today Show, and on the Board of Directors of The Animal Legal Defense Fund, Pets for Patriots The Association of Professional Dog Trainers, and Animal Haven Shelter. As the director of Andrea Arden Dog Training, she and her team of experienced and compassionate behavior experts help people develop better relationships with their canine companions using a humane, positive, and scientifically sound approach.