NEW YORK - January 31, 2023 - Pawlicy Advisor, the leading, independent pet insurance marketplace recommended by the American Animal Hospital Association, today reveals its latest survey examining the financial impact of owning a pet, focusing on how pet owners are budgeting to afford related costs. The results of the survey highlight the financial burden of pet ownership and how U.S. pet owners are thinking about their budgets when facing struggles to keep up with rising inflation, cost of living, and pet care expenses.
“The cost of owning a pet has risen dramatically over the last few years. For the 70+ million households in America with a dog or cat, pet insurance is more important now than ever before,” said Edwin Plotts, Director at Pawlicy Advisor. “When a pet owner has the right insurance coverage, they are protected from the financial burden of many unexpected accidents and illnesses, depending on their policy. Our recent survey findings demonstrate the need for increased adoption of pet insurance policies to alleviate the impact of costs associated with unexpected pet health issues and veterinary prices rising across the country due to inflation.”
Due to high inflation and a fluctuating economy, the overall cost of living in the U.S. has surged over the last few years. Coupled with the long-running veterinarian shortage heightened by the pandemic, and advancements in technology increasing costs of treatments, among other factors, the majority of pet owners’ wallets are stretched thin and unable to afford routine pet care and supplies.
As a result, pet owners are seeking alternative methods to afford the needs of their furry friends. Yet, two-thirds of the American pet owners surveyed say they do not have a pet insurance policy to help offset veterinary costs. Survey results show:
While the majority of pet owners are facing financial difficulties when it comes to pet care, U.S. pet owners who earn less than $100,000 a year face significantly more challenges.
Financial security is often challenging for Americans who are divorced or separated, but those with pets face additional difficulties when it comes to affording the costs associated with caring for their furry family members.
Pet insurance is much more common in younger generations, specifically Gen Z. With this generation managing to get on their own two feet during a long stint of economic downturn, Gen Zers are turning toward pet insurance to provide for their pets and offset rising costs more than any other generation.
Pawlicy Advisor is the only platform that provides personalized recommendations to match pet owners with the right pet insurance coverage and projected lifetime value, based on a pet’s breed-specific health conditions, age, location, and more. Pawlicy Advisor is a member of VetPartners and the North American Pet Health Insurance Association. For more information about Pawlicy Advisor’s pet insurance marketplace, please visit: pawlicy.com.
This survey was conducted online within the United States by Pollfish from December 21-22, 2022 among 1,000 U.S. adults ages 18 and over who currently own at least one dog or cat. Pollfish gathers data through organic probability sampling through random device engagement and AI fraud prevention.
Pawlicy Advisor is the leading, independent pet insurance marketplace recommended by the American Animal Hospital Association. Offering personalized comparisons based on breed-specific attributes and total cost predictions for the lifetime of the pet, Pawlicy Advisor's data-driven model brings transparency and simplicity to shopping across top pet insurance providers. Pawlicy Advisor is used by veterinary practices across the country to streamline and outsource the pet insurance conversation to a licensed third party. Pawlicy Advisor's team of pet parents and veterinary advisors are dedicated to making it easy and affordable to do the right thing for our animal companions - and have served over three million pet parents to date.
5W Public Relations
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Edwin Plotts rescues and rehomes cats in Savannah, GA - while leading Pawlicy Advisor's brand growth. He's a pet parent of two rescued sibling cats: Greyson and Babs. He's also an avid volunteer with Flatbush Cats and The Toby Project.