A recent study by Synchrony revealed that the majority of pet owners consider their pets to be part of the family. While this comes as no surprise to animal lovers like us, what was surprising was that almost half of the survey participants said they’d underestimated the cost of care. Furthermore, nearly half of pet owners who responded also admitted that, while they believed they were financially prepared for unexpected expenses, in reality, they were not.
What does this mean for clients and patients of Petwise? Well, we see it as an opportunity to educate and help you prepare. The more you plan ahead, the better we’ll all be able to help your furry family member enjoy a long, happy and healthy life.
True Cost of Care
Just how much of an investment is owning and caring for a pet? Well, according to the aforementioned Synchrony study, the lifetime cost of care of a dog ranges anywhere from $20,000 to $55,000. For our feline friends, this cost averages between $15,000 and $45,000. These costs include first year expenses, food, health insurance, end-of-life care and more.
Think this sounds high? According to the American Pet Products Association, in 2020, $103.6 billion was spent on pet care. Furthermore, the Lifetime of Care study indicated that in the first year alone, most dog owners will spend between $1,300 and $2,800. For cat owners, this number ranges from $960 to $2,500. Again, this is in the first year of a pet’s life. Imagine this multiplied by eight, 10 or even 15 years.
At Petwise, our goal is to empower our clients and provide them with the solutions they need to help support a lifetime of wellness for their four-legged family members. By knowing what to expect and being aware of the resources and tools available to you, you’ll be able to more effectively manage the costs of care throughout your pet’s lifetime.
To view the entire Lifetime of Care study by Synchrony, click here. To schedule your pet’s next appointment, give the Petwise Vet Care team a call today!