Pet owners face rising costs and financial stress

A survey of 1,590 U.S. dog and cat owners conducted by Money.com and Healthy Paws Pet Insurance reveals that rising costs are causing significant financial pressure for many pet owners.

Approximately 31% of respondents reported that pet-related expenses cause them financial stress, with 31% also noting they spend more on their pets now than they did a year ago. Specifically, 36% of owners spend at least $100 monthly on food and treats alone.

The financial burden is notably higher for those caring for chronically ill pets, with 58% reporting financial strain. To manage these costs, 62% of owners with chronically ill pets and 48% of owners with healthy pets have had to cut back on other spending. Many owners are also seeking better deals or turning to pet insurance to mitigate unexpected medical bills.