Source: MetLife Pet Insurance
A national survey commissioned by MetLife Pet Insurance highlights the growing financial pressures facing American pet owners as Veterinary costs and other household expenses rise. According to the survey, 15% of pet owners are experiencing “pet poverty,” struggling to afford both their own basic needs and pet care. Nearly 40% have taken on debt for pet medical expenses, while 22% carry more than $2,000 in pet-related debt. Emergency Veterinary visits are the leading cause of that debt.
Financial pressures are also forcing owners to make personal sacrifices. Fifty-eight percent have skipped dining out, 44% have reduced hobbies or self-care, and 30% have taken side jobs. Some have delayed their own medical care, savings, or debt payments. Cost concerns are also affecting pet ownership decisions. Fifty-five percent have avoided adopting another pet, 9% have considered rehoming a pet, and 5% have actually done so. Despite these challenges, 86% say their pets support their mental health.
Read the full story HERE: https://www.metlifepetinsurance.com/pet-poverty-report/