Get a Pet, Go in Debt?
LendEDU surveyed 1,000 American pet owners to ask them about their spending for their pets and how it affects their personal finances. Twenty percent of respondents have gone into debt caring for their pet at an average of $1,566.96. On average, pet owners spend $139.73 per month on their pet(s).
Whether it be a dog, cat, hamster, turtle or snake, Americans spend quite a bit on their pets. So much so that total spending on pets increased by $3 billion from 2017 to 2018, with a record-breaking high of $72 billion spent on pets in 2018.
For the type of pet owned, 72% own dogs, 22% owned cats and the rest of the respondents answered bird, guinea pig/hamster/rabbit, fish or reptile.
Dog owners spend the most (of all of the pets listed) at an average of $157.39 per month and birds were next at $127.38 and then cats at $95.11.
An astounding 11% of respondents claim to have put off expenses or other milestones due to having pets. Some answers are expected, like missed bill payments (10%) and smaller payments towards debt (7%). Surprisingly, 11% of respondents have delayed having children, and 8% have delayed getting married. This is unexpected, at least at such a large percentage.
All of the data that can be found within this report derives from an online survey commissioned by LendEDU and conducted online by online polling company Pollfish.