It's normal for pet owners to want to shower their little ones with attention. However, during the COVID-19 pandemic, a study done by LendingTree found that people are spending more on their pets. A team of researchers surveyed 1,400 pet owners about their spending habits, debts, and recent purchases. They found that 1 in 3 pet people increased their spending for the furry friend. An additional 47% were in debt due to their pet spending.
People were surprised by the results of having a pet in the home. In fact, 62% said they were shocked by how much their pet could cost. Additionally, about 98% of people spend some amount of cash on their pets every single month. One in 5 of those in pet debt owe at least $1,000. You might think that these costs would deter these owners from taking on additional labor, but 80% said they wanted another one in the future.
According to LendingTree, 23% of baby boomers are in debt to their pets. For GenX it is 66%, 48% for millennials, and 40% for Gen Z. To avoid overpaying for the little ones in your life, try to create a budget that you can adhere to each month. For your furry friends, you should go the extra mile, but that doesn't mean going into debt.