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Millennials Facing Harsh Financial Times Over Pet Debt

September 05, 2019DMT.NEWS

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Millennials Are Going Into Debt for Their Pets

Sure, we all love our dogs (doggos), cats (kittehs), birds (birbs), and all other varieties of animals but it turns out that members of the millennial generation are struggling to afford their beloved pets.

RELATED: Dogs vs. Cats: One Makes Owners Much Happier

In a recent spate of survey results released by LendingTree, it appears that those born in the 1980s and 1990s are having a really hard time with the cost of owning a living, breathing animal.

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The most striking statistic? Nearly half — or 42 percent — of those pet owners polled said they had suffered pet-related debt at least once in their lives. That's a pretty huge percentage of dog- and cat-lovers who ended up spending some major dinero on their favorite fur-baby.

Beyond that, if even a somewhat routine surgery was on the horizon for Rusty or Snowball, exactly half of all polled pet lovers would have to turn to debt to pay for the operation. When faced with a hypothetical $1,000 vet bill, 37 percent of those surveyed said they would have to resort to using their credit card, and 13 percent copped to having to go to the bank for a loan. Just 28 percent were confident that they could pay the fee in cash.

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No matter what, it seems that those of us who love “Man's Best Friend” are willing to put up the cash to make sure they're happy, healthy, and safe.

Millennials are also the generation which is most likely to take on pet-related debt, despite also being the demographic cohort most likely to hold pet insurance policies. And it's not even close—over one-third of millennial respondents said that they had pet insurance as compared to just 18 percent of Gen X'ers and 9 percent of Baby Boomers.

Cats Rule, Dogs Drool: At Least In Terms of Owner Worries

There is a bit of a slight divide between the level of anxiety shared by cat mamas versus dog daddies, as well. While 60 percent of dog owners admitted to having at least some level of worry about potential expenses related to their pet's health, 66 percent of cat owners said the same.

This may come as a bit of a surprise to some given how common it is to see canines goofing off or doing foolish things, whether it's play fighting, running at breakneck speeds, or simply paying so much attention to their master that they're completely unaware of their surroundings. Once Fido slips the collar, he may be gone in a flash — good recall training or no.

Cats are known to be a little more laid back and independent, despite the rampant amount of cat memes featuring bleps and stink-faces, so it seems a little ironic to see more worry over our feline friends than their more rambunctious counterparts.

At the end of the day, the data shows that men and women of all generations are totally in love with their furry family members — a tale as old as time, and one which is unlikely to change anytime soon.

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Christina Majaski, Khareem Sudlow

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