Pet benefits: A solution to rising pet care costs and employee stress

Just as three-quarters of working parents report missing work to attend to the needs of their children, a nearly equal percentage of working pet owners are doing the same for their dogs and cats.

A new survey from tech-first pet wellness company Wagmo, based on responses from more than 1,000 full-time employees in the United States swho own dogs or cats, reveals that 75% of them have missed at least one day of work in the past year because of pet issues. More than a quarter (26%) report missing six or more days. Additionally, when their pets are sick or injured, 65% of employees are “extremely” (38%) or “very” (27%) distracted at work.

“The data clearly shows that employees are grappling with balancing work responsibilities and caring for their pets,” says Christie Horvath, Wagmo’s CEO and founder. “Providing comprehensive pet care benefits, including wellness plans, can help reduce workplace distractions, improve productivity, and support employee wellbeing.”

The rising costs of pet care

Pet-related stress at work comes at a time when pet-related expenses are at an all-time high. According to research from the Bureau of Economic Analysis, Americans spent $186 billion on their pets in 2023 — which is more than they spent on child care. And as of 2022, there are more U.S. households with pets (70%) than children (40%), according to the U.S. Census.

Wagmo’s survey finds that 57% of working pet parents have spent more than $1,000 on emergency and routine pet care in the past year, with 35% spending more than $2,000, and 15% exceeding $5,000 in expenses. These are among the top pet-care pain points, with the cost of veterinary care cited as the number one challenge (30%), followed closely by keeping up with routine and preventive care needs (28%). The cost of care weighs more heavily on working pet parents without pet insurance or pet wellness, according to the survey.

To help manage this stress, more than half (54%) of survey respondents have purchased pet insurance, and 44% have purchased pet wellness plans — which cover everyday care needs such as vaccinations and annual check-ups. However, only 24% have both pet insurance and pet wellness coverage.

Pet insurance alone does not alleviate this anxiety, as 66% of respondents who only have pet insurance report being “extremely” distracted at work — compared to 29% of those who have both pet insurance and pet wellness.

Related: Is pet insurance worth the cost for employees?

The value of pet benefits

Respondents to Wagmo’s survey skew younger, with 50% age 44 and younger. As millennial and Gen Z employees increase as a percentage of the U.S. workforce, employers will need strategies to support the new generation of pet parents, according to Horvath. Pet wellness plans represent an emerging opportunity for companies to do just that.

In fact, the survey, the survey underscores the role of pet-related benefits in talent acquisition and retention. Nearly two-thirds (65%) of working pet parents state that pet benefits are an important consideration when evaluating a job offer, and nearly half (47%) say they are “very important.” As competition for top talent intensifies, pet-related benefits could be a deciding factor in attracting and retaining employees, Horvath notes.

“As employers strive to create more inclusive workplaces, they shouldn’t overlook the pet parent demographic,” she says. “We’re seeing more companies focus on providing benefits for the whole family — including pets — to better support employees from all walks of life.”