Americans willing to spend as much on pets' health care as their own
A quarter of pet owners in a recent study have gone into debt to cover a pet's medical bills.
People sure love their pets—enough to go into debt to cover vet bills, often spending more on pet health care than their own health care, according to a LendEDU survey.
Indeed, 24 percent of the 1,000 pet owners polled have gone into credit card or personal loan debt as a result of health/vet costs for their pet. Those respondents have taken out on average $1,566.96 in debt to cover an emergency surgery or recurring treatments for their pet’s health. Some (10 percent) of pet owners say they have missed bill payments because of their pet expenses, 11 percent have delayed having children and 8 percent say they have delayed getting married to cover pet expenses.
Related: Infographic: How insurance helps sick pets
Moreover, nearly half (46 percent) of all of the respondents say they spend the same or more on their pet’s health care than their own.
“This is incredibly surprising to see, as many Americans might not think about how much they spend on their pet’s health care instead of their own,” the authors write. “Some possible explanations for this could include people putting their pet first in the order of who gets health and dental appointments, or being neglectful to their own health to the benefit of their pets.”
More than a third (39 percent) of respondents have pet insurance for their animal, and they spend $76.76 on average per month on premiums. A majority of those respondents (77 percent) say pet insurance has come in handy for emergency expenses.
Indeed, 39 percent of those respondents without pet insurance have had to pay at least one large expense at an average cost of $1,021.59.
Eighty-eight of respondents with pet insurance say “it’s worth it,” the authors write.
Other key findings include:
- The average purchase price of a pet was $282.75. Broken down by type of pet, dogs cost the most ($327.13 on average), followed by birds ($127.38); cats ($89.89); reptiles ($78.12); fish ($57.38) and guinea pigs, hamsters and rabbits ($53.58).
- On average, pet owners spend $139.73 on average per month on their pet. Broken down by type of pet, dog owners spend the most ($157.39 on average), followed by bird owners ($127.38); cat owners ($95.11); guinea pig, hamster and rabbit owners ($63.64); reptile owners ($56.88) and fish owners ($53.60).
- More than half (55 percent) of monthly pet expenditures go towards purchasing food, followed by health/vet costs (24 percent); toys and accessories (13 percent) and other expenditures (8 percent).
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