ST. LOUIS — The coronavirus pandemic has many people spending more time with their pets as companies are allowing some employees to work from home.
A new survey conducted by LendingTree found pet owners are spending more on their furry friends amid the pandemic.
Researchers surveyed nearly 1,400 pet owners about spending, debt and emergency expenses.
The survey found 1 in 3 pet owners increased spending during the coronavirus pandemic and 47% of pet owners have been in debt for their pet.
It also found 62% of pet owners said they were at least somewhat surprised by how much money owning a pet actually costs and 98% spend on their pet every single month.
Of those who are in debt over their pets, 1 in 5 owe at least $1,000 and 80% of those who have had pet debt would still consider getting another pet.
LendingTree also broke down the percentage of generations who have been in debt for their pet:
- Baby boomers: 23%
- Gen X: 66%
- Millennials: 48%
- Gen Z: 40%
The LendingTree offered the following tips on avoiding pet debt:
- Make a budget: A budget is your first line of defense against debt, as it helps you plan ahead for expenses and track your spending.
- Set aside savings: Stash away some money whenever you’re able for potential emergency expenses.
- Consider pet insurance: It’s worth checking out a few different policies.
