Source: PR Newswire
Rising Veterinary costs are changing how Americans approach pet ownership, particularly among younger generations, according to research from Healthy Paws Pet Insurance and Money.com. The study found that 45% of Gen Z pet owners spent at least $2,000 on their pets last year, compared with 15% of Baby Boomers.
Younger owners are also incorporating pet expenses into financial planning. About 28% of Gen Z owners said pet ownership influenced their savings or financial goals, while roughly half have pet insurance. In comparison, only about one in 10 Baby Boomers have coverage.
Insurance also appears to influence Veterinary care decisions, with insured owners more likely to feel prepared for major expenses and pursue recommended treatments. Among uninsured Gen Z owners, lack of awareness and procrastination were greater barriers than cost. Overall, 60% of pet owners believe pet ownership is becoming a luxury, while 55% said rising costs make them less likely to acquire another pet.