MetLife Pet Parent Study

New MetLife data unveils how pet parents are navigating today’s financial stressors

Most Americans continue to wrestle with the effects of today’s economic climate, and pet parents are grappling with the rising care costs to keep their pets happy and healthy. According to MetLife’s recent Pet Parent Pulse Survey, 84% of pet parents say they’re facing increasing costs in pet care like trips to the vet, food and treats, and accessories. Additionally:

• Over half of pet parents (54%) worry about being able to care for their pet in the future with current economic uncertainties.
• Pet parents have had to cut back on their spending to afford today’s costs of pet ownership, with essential aspects like groceries (34%) and savings (32%) considered less important than pet costs.
• Half of pet parents are concerned that pet care costs will prevent them from being able to be a pet owner in the future.
• Yet nearly half (46%) of pet parents have not utilized any financial resources like pet insurance and financial wellness apps to alleviate the financial burden of pet ownership.

Younger Pet Parents are Struggling

The survey found that younger pet parents are struggling with these heightened costs most – 70% of Gen Z and 67% of millennials worry about being able to care for their pet in the future with current economic uncertainties. What’s more:

• Gen Z (62%) and millennial (62%) pet parents are more likely to agree the cost of pet ownership has been a source of stress in their lives over the past 6 months.
• Half of Gen Z and millennial pet parents would be willing to cut back on their vacation/travel spending to prioritize the costs of their pet’s well-being.
• Unlike other generations of pet parents, young pet owners are turning to multiple resources to help alleviate the financial burden around pet ownership. Some examples include reaching out to friends or family members (42%/Gen Z and 32%/millennials), using pet insurance (33% and 22% respectively), and reading pet owner publications (20% and 20% respectively).

Consider Pet Insurance

Looking for ways to better manage rising pet wellbeing costs while keeping your furry friend safe and healthy? Consider investing in a pet insurance policy with MetLife Pet Insurance.¹ Learn more about the different offerings and get your free quote today.