Tag Archives: budgets

Synchrony study unveils staggering findings surrounding lifetime cost of pet ownership

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A new Synchrony study, “Lifetime of Care,”1 has revealed that 7 out of 10 pet owners consider their pets family members; however, nearly half underestimated the lifetime cost of care which ranges from $20,000 to $55,000 for dogs and $15,000 to $45,000 for cats.* In addition, about half of all pet owners who believed they were financially prepared for unexpected pet expenses, were not, and would consider a designated financial solution for pet care.

This research,1 based off on findings from 1,200 pet parents and 100 veterinarians and confirmed by veterinary clinics, offers consumer insight into the cost of lifetime care for canine or feline ownership. Conducted on behalf of Synchrony’s pet and veterinary financial solutions—CareCredit and Pets Best Pet Insurance—the research covered an extensive array of dog and cat expenses (ie, first-year expenses, food and health insurance, end-of-life expenses, etc).

According to the American Pet Products Association,2 90.5 million US homes currently have a pet, and in 2020 itself, $103.6 billion was spent on pet care. The Lifetime of Care study1 displayed dog owners can expect to spend between $1,300 to $2,800 and cat owners approximately $960 to $2,500 in the first year alone.

“Millions of Americans choose to share life with a pet, yet the true cost of ownership has historically been incredibly vague. Our Lifetime of Care study serves as a helpful tool to prepare prospective pet parents,” said Jonathan Wainberg, senior vice president and general manager, Pet, Synchrony, in a company release.3

“We want pet parents to have a deeper understanding of what to expect financially, and knowledge of the flexible payment solutions that are available to help them manage the costs of care throughout their pet’s lifetime,” he added.

Amid the COVD-19 pandemic, it is estimated that 1 in 5 households4 gained a new companion animal. This data propelled Synchrony to promote the financial preparation options available to pet parents including pet insurance like Pets Best and credit cards such as CareCredit.

Together, CareCredit and Pets Best provide a complete financial solution as cardholders can pay at the veterinary practice using their CareCredit card, and then apply the reimbursement from Pets Best towards their CareCredit account.

“Veterinarians often see pet parents struggling to balance the care their pet needs with what they can afford,” said Peter Weinstein, owner of PAW Consulting, author and veterinary industry leader, in the release.3 “This new study provides us a comprehensive look at the true costs of pet care so we can arm our clients with the information and financial solutions they need to care for their pets for a month, year and an entire lifetime.”

View the entire Lifetime of Care study here. Learn more about CareCredit and Pets Best by visiting carecredit.com or petsbest.com.

* Includes initial costs, spaying/neutering, technology cost, and end of life expense (high). Low does not include health insurance, wellness plans, or other non-basic expenses.

References

  1. Lifetime of care study. Synchrony. January 2022. Accessed January 11, 2022. http://petlifetimeofcare.com/#page=1
  2. Pet industry market size, trends & ownership statistics. American Pet Products Association. March 24, 2021. Accessed January 10, 2022. https://www.americanpetproducts.org/press_industrytrends.asp
  3. Synchrony study reveals pet owners spend as much as $55,000 during a pet’s lifetime. News release. Synchrony. January 11, 2022. Accessed January 11, 2022.
  4. ASPCA pandemic pet ownership survey. American Society for the Prevention of Cruelty to Animals. May 26, 2021. Accessed January 11, 2022. https://aspca.app.box.com/s/v4t7yrwalwk39mf71a857ivqoxnv2x3d

Source: dvm360.com

Perspectives on budgeting

In the 11+ years I have been in professional practice, I’ve met a lot of great dogs with equally loving families. Yet, when it comes down to discussions with their veterinarian, often the only ‘budget’ that is mentioned is that of the financial budget.

In this post, I’d like to discuss budgeting because I think there are a total of four (4) budgets. These are the financial budget, the time budget, the physical budget and the emotional budget. Dog owners may, at any time, face a crisis in one or more of these budgets.

The Financial Budget – how much money can you spend to keep your dog healthy and happy? This typically becomes the budget of concern when a major procedure like surgery is required and that’s why veterinarians discuss it the most. Whether by an accident or illness, some owners are caught without enough money in the bank or pet insurance to cover the necessary treatment.

In other cases, a dog may be diagnosed with a medical condition which requires regular medication. Since medications for dogs are not subsidised by the Government (as they are in human health in New Zealand), some medications can be quite expensive. As our dogs age, it’s very common to develop mobility problems associated with arthritis, for example. Not only does this condition require medication, but also changes to the home environment, equipment ranging from harnesses to ramps to mobility carts, and professional help with canine fitness and physical therapy.

Veterinarians are often asked to euthanise a pet when the family cannot afford the cost of their dog’s care. This is referred to in the profession as ‘economic euthanasia.’

The Time Budget usually becomes an issue when a dog requires care at home. Dogs that require crating post-surgery have to be taken out to the toilet on lead on a regular basis, for example. Many pet parents can’t work from home because of the nature of their jobs; some employers may not be supportive of the need for regular breaks to return home to care for a dog or to allow the dog in the office…

I see the time budget become an issue in my practice because of the exercises needed to improve a dog’s strength, balance and flexibility. I specialise in in-home care and, while I always aim to make these exercises easy to do with items in the home, some owners struggle to have the time to undertake them on a consistent basis. Just this week I had a regular client ask, “do I have to do these every day, because they take another half-hour on top of our walk…?”

An owner’s physical abilities is also a budget of sorts. Let’s call this the Physical Budget. A large-sized dog that needs lifting because of an injury or longer-term mobility problem is going to be a challenge to an older owner or one who is slight of frame themselves.

Finally, there’s the Emotional Budget. The bond with our pets is quite strong and caring for a dog with major mobility or other health issues results in caregiver stress, just as it does with human caregivers. Unfortunately, without extended family or close friends who can provide some relief, I’ve seen owners who are totally depleted in energy and enthusiasm for life because of the toll of taking care of a geriatric or unwell pet.

Owners of dogs with severe behavioural problems often find that caring for them takes an emotional toll, as well.

Let’s remember that a pet owner in crisis may not have finances at the top of their list – and so a deeper conversation about pressures of care is required. I find that my in-home service, with clients in their own home and more relaxed and willing to talk, is of huge benefit to getting the best results for their dog, working as a team.

Kathleen Crisley, Fear-Free certified professional and specialist in dog massage, rehabilitation and nutrition/food therapy, The Balanced Dog, Christchurch, New Zealand

The price to pay! (re-blogged)

This is a post without photos but it speaks volumes nonetheless.

Here’s another blogger who feels as I do – you must expect to spend money on your pet just as you would your children.

Budgeting is a basic life skill and it will soon seem clear whether or not you have the funds to make a lifetime commitment to your dog.

Please read: The price to pay!

Kathleen Crisley, specialist in dog massage, rehabilitation and nutrition/food therapy, The Balanced Dog, Christchurch, New Zealand

How much will a pet really cost you?

Izzy adoption announcementIn case you haven’t guessed, I love dogs.

But any way you look at it, dogs are a responsibility and they require commitment in time and money to support and to care for them throughout their lives.

That’s why this article, How much will a pet really cost you? A cat vs dog breakdown, caught my attention.  Published in the Christian Science Monitor and using costs in US$, it shows the cost of owning either a cat or a dog and the money you need to expect to pay on a monthly and yearly basis.

I would add that if a dog develops a special health condition, or when it ages, your costs are likely to increase.  Here in New Zealand, I am finding too many owners who are in a financial pinch because of the care of an elderly or special needs dog.  In some cases, and in my opinion, the dogs are not receiving everything that that could to make them happy and comfortable (possibly extending their lives by months or years) – because the owners don’t have the finances.

Think before you adopt (or buy).

A dog is a lifetime commitment and one that costs money.  The benefits of ownership are a great investment.

Kathleen Crisley, specialist in dog massage, rehabilitation and nutrition/food therapy, Canine Catering Ltd, Christchurch, New Zealand