Does your dog have an allowance? The average pet owner spends nearly $300 a month!

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NEW YORK – If you want to own a pet, be prepared to have an annual budget of over $3,500 for its basic needs. A new study of 2,000 pet owners – including 1,000 dog owners and 1,000 cat owners – finds that half of respondents set a monthly budget for their pets (52%) with an average cap of $308.

In fact, pet owners spend an average of $276.40 on their furry friends each month, which translates to $3,316.80 per year.

While nearly all respondents went over their monthly budget (98%), four in five admit they “don’t care” (79%), showing their true devotion to their four-legged friend.

So what drives pet owners to splurge?

Caring for pets (37%), emergency visits to the vet (35%), improving the condition of their pet’s home, and taking care of annual or ongoing medical needs (33 % in both cases) are among the top reasons people spend more.

Driven by OnePoll On behalf of Lemonade, the research also found that 45% of all pet owners think dogs are more expensive than cats, 13% think the opposite and 42% think they are both equally expensive. Respondents think dogs are expensive because food (54%), veterinary exams (52%), medication (50%), grooming (46%) and cleaning products (38%) are expensive.

On the other hand, people believe that cats are more expensive due to expensive food (41%), veterinary exams (40%), bedding (38%), cleaning products (38%) and grooming (38%).

When people splurge on their pets, owners go out of their way – citing buying them trendy items, such as all-natural pet food (38%), raw pet food (31%), a modified home like a “catio” (29%), pet-friendly baked goods and desserts (28%), and pet tech like a smart collar (25%) .

Pampering – but no pet insurance?

Despite all this care, research suggests that more than half (55%) don’t have an insurance policy for their furry friends, citing cost as the main challenge (41%). Of the 45% whose pets have insurance, owners researched an average of three policies for their furry companions before selecting the best match.

Two in five (41%) realized they needed to buy insurance for their pets from the day they bought them. The same percentage cited an emergency visit or surgery as the main reason they had one in the first place.

Whether or not their pet is insured, three in four owners agree that planning for end-of-life care for their dog or cat is important (75%).

“There’s no doubt that bringing a pet into your home can add immense unconditional love, but it’s important to understand that they come at a cost,” says Dr. Stephanie Liff, veterinary health expert at Lemonade, in a press release. “Whether it’s a routine vet visit, food, toys, or emergency surgery, pets have financial needs that can add up. It is essential to be prepared and to know your options, whatever they are for an individual owner, before a problem becomes a financial burden.

Pet owners don’t know how much the procedures cost

Four in 10 respondents have gone into debt due to the urgent needs of their pet (42%). Procedures and care can be expensive for pets, and depending on the results, many pet owners aren’t sure how much they cost. For example, 41% of pet owners believe that something like dental care for pets costs between $101 and $500. In reality, a routine dental cleaning costs on average between $500 and $1,000, with more complex dental procedures costing up to $3,000.

A third of respondents think expensive cancer treatments and surgery cost as little as $501 to $1,000, when in fact, according to Lemonade, some dog or cat surgeries can easily cost $5,000 or more , with a full course of cancer treatments costing pet parents $10,000. .

Meanwhile, many pet parents believe that flea treatments (36%) and vaccinations (34%) cost between $101 and $500, but in reality, flea treatments cost around $15. per month and vaccines cost up to $50 per dose.

“Insurance doesn’t have to be daunting, but it’s important to do your research and find the best fit for your family,” adds Dr. Liff. “Look for customizable plans to make sure you’re paying for what you really need, that’s easy to understand, and can get you the help you need when you need it.”

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