Pets are family, but many Americans are struggling to take care of their fur babies. A MetLife Pet Insurance report shows that one in seven pet owners can't afford basic pet care while also covering their own essential needs. Gen X and Gen Z pet owners were the most likely to be experiencing pet poverty at 17% each, followed by millennials at 14% and baby boomers at 11%.
What Pet Poverty Looks Like
Nearly 22% of pet parents have accumulated more than $2,000 in pet-related debt, according to the report. And almost four in ten say they've gone into debt specifically because of vet bills, racking up around $450 on average just to deal with medical issues. Over 70% of those in debt said emergency vet visits were what caused it. According to the report, the average debts tied to common care like routine preventive care often land in the $1,100 to $1,400 range.
Don't Miss:
- Fast Company Calls It a ‘Groundbreaking Step for the Creator Economy' — Investors Can Still Get In at $0.85/Share
- Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro
To keep their pets cared for, pet owners are making trade-offs and sacrifices. More than half say they've cut back on things like eating out, hobbies or self-care. Many are also working more to make ends meet. Thirty percent have taken on a side hustle, and 28% have delayed paying off loans or debts. High ownership costs have also affected these pet lovers' major life choices. Many owners say they've skipped travel, delayed moving or put major life plans on hold.
Nearly 10% of pet owners have also considered rehoming their pets because of costs. Around 5% ultimately did rehome, often because a single emergency bill became impossible to manage.
Trending: Deloitte's #1 Fastest-Growing Software Company Lets Users Earn Money Just by Scrolling — Accredited Investors Can Still Get In at $0.50/Share.
What Needs To Change
For many people, their pet is their main source of comfort or companionship. The report shows that 86% of owners say their pet supports their mental health, so when someone can't afford vet care, it hits much deeper than the wallet.
That said, the cost of veterinary care keeps climbing. More than half of owners believe vet pricing feels unfair, and two-thirds think low-income families should receive some kind of subsidy. It's a sign that the current system isn't working for many pet-owning households.
Solving this won't be simple, but it'll most likely require expanding access to low-cost clinics, improving transparency around pricing and helping more owners understand their pet insurance options. Because at the end of the day, no pet owner should be forced to choose between their own well-being and their pet's. But for one in seven Americans, that's the reality right now.
Read Next:
- An EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest in Gaming's Next Big Platform
- $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation.
Image: Imagn
