80% of pet owners vastly underestimate the costs of pet care
Pets are expensive. Well, at least they can be more expensive than many people realize.
Case in point, some people find that they can’t afford to keep their dog or cat, and need to find a new home for them, sometimes surrendering their animal at a shelter. Obviously, that’s a worst-case scenario, and in order to put yourself in a bind as a pet owner, it can be a good idea to try and get a grasp on what to expect in terms of costs before you bring an animal home.
A look at true pet ownership costs
In June, Synchrony released a report detailing pet ownership costs, which sourced data from almost 5,000 survey responses of pet owners from across the country to try and get a sense of just how much people are spending on their pets. And perhaps the most notable takeaway from that report is that roughly 80% of pet owners underestimated total lifetime pet care costs—meaning that the vast majority of pet owners did not think they’d end up spending so much on their pets when they first brought them home.
Here are some details: Assuming a 15-year lifespan for dogs, total costs of care ranged between $22,000 and $60,000. For cats, it was between $20,000 and $47,000. Pet owners’ expectations were way off base—dog owners thought they’d spend around $8,000 over the course of 12.5 years, and cat owners anticipated less than $6,000 in expenses over nearly 15 years.
That’s a huge gap, but again, getting a sense of what you’re in for as a pet owner, in terms of expenses, can help better manage expectations.
How veterinarians can help pet owners understand costs
Some of that can come down to veterinarians helping pet owners develop a better understanding of the true costs of pet care, and form more accurate expectations. It’s likely a fair assumption that some people who bring their pets to a veterinarian’s office are on the fence about doing so—likely because they’re scared of what it’ll cost them.
While it’s difficult to say what any particular procedure or treatment will cost a pet owner, it is important to know that there are options on the table. Openly talking about cost concerns with your veterinarian is, of course, probably the best course. You may be able to work out a payment plan or other arrangement if need be. The veterinarian’s team may also be able to point you to financing options or other sources of financial help.
There are organizations out there, too, which can help pet owners pay for or otherwise secure treatment for their animals. But it all begins with opening up and asking.
It can also be important for pet owners to realize that skipping visits or checkups for their pet, in an effort to cut down costs, may end up increasing them later on. If there is a health issue with a pet that can be dealt with or alleviated early on, letting it fester and become worse may result in a bigger, more expensive treatment over time.
Synchrony’s report found that roughly half of pet owners are concerned about costs—and who could blame them in this day and age? And the report also found that 10% of pet owners actively seek financial assistance to help get their pets treatment. So, you’re not alone if you need it.
You can also check out pet insurance options to help cover costs. There are options. And, as always, if you have questions about costs or concerns that you may not be able to handle the financial burden of owning a pet, talk to us. We’ll see what we can do.
Contact us to make an appointment today!
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