More Millennials Are Going Into Debt for Their Pets
Pets make up an incredibly important part of many consumers’ lives. In fact, many pet owners spend a substantial amount of money on their “fur babies” reflecting this.
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Pets make up an incredibly important part of many consumers’ lives. In fact, many pet owners spend a substantial amount of money on their “fur babies” reflecting this. Millennials make up a large portion of pet owners, and a recent study from LendingTree suggests that more millennials are going into debt for their pets.
Back in May, TD Ameritrade explored millennial spending habits in relation to their pets.
In a survey of 760 pet owners during the first three days of July 2019, a LendingTree study showed that 42% of millennial pet owners have been in pet-related debt, and nearly one in 10 are currently paying it off. Across all age groups, more than one-third (36%) have been in debt for a pet.
Of those surveyed, 62% factored their pet into a monthly budget, while 26% did not. And 13% of respondents said they don’t have a monthly budget at all.
About 59% of pet owners worry about animal-related expenses, and cat owners (66%) are slightly more likely to stress than dog owners (60%).
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If a $1,000 pet-related emergency expense were to come up tomorrow, 37% would turn to a credit card, while 28% would use cash, 18% would pay with savings and 13% would take out a personal loan.
Three-quarters of pet owners lack pet insurance, and 39% have regretted not having a policy for their furry friend. As a group, millennials are more likely to have pet insurance: 34% of millennials have it, versus 18% of Gen Xers and 9% of baby boomers.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
