A quarter (25%) of pet owners are concerned they can no longer afford the upkeep of their dog(s) or cat(s), according to findings from Tesco Bank’s new Pet Index research.
It’s puppy and kitten owners, who perhaps didn’t factor in the full expense of welcoming a pet into their home, who are feeling this most. 35% of puppy owners surveyed are worried they can’t meet the expense of their new family addition, while 29% of kitten owners feel the same way.
Looking at how these pet owners are planning to manage costs, 60% plan to cut back spending in other parts of their lives, while others are considering more drastic measures. Almost a fifth (18%) of pet owners who are worried about the cost of pet ownership, are considering rehoming their dog or cat with a family member or friend, 12% are thinking about selling their pet, and 12% will turn to a shelter or local charity to take their pet in.
Cat owners are more likely to be looking at cutting spending to meet the costs of pet ownership (63%) than dog owners (59%), but a higher proportion of dog owners who are worried about costs are considering rehoming their pet (22%) with a friend or family member. And for owners of puppies and kittens worried about the expense of their new addition, 48% are reducing spending in other parts of their lives, 42% are considering rehoming with a friend or family member and 37% are thinking about selling their pet.
It’s important to remember that owning a pet does come with expense, it’s estimated that dogs cost £2,000 a year and cats £1,500 a year, and that’s without unexpected costs that come along. Analysis of Tesco Bank claims data from 2023 shows that for cats caught in an accident, the average claim paid was £752, while for illness it was £796. For dogs, the average accident claim was £839, while illness cost owners an average of £964. And some vet bills can be much higher than this, for dogs and cats that wolf down something they shouldn’t, the average claim paid is £1,492. For pet owners without insurance, they’ll need to meet these costs from their income or other savings.
Alex Cross, Insurance Director at Tesco Bank, commented: “Getting a new pet is an exciting time. But it can be easy to forget just how much it costs to own a pet. Beds, toys, food, trips to the groomers, and in some cases to the vets, can add up quickly and it’s causing concern for many of the nation’s pet owners, with some sadly considering drastic action.
“Pet insurance can help avoid the shock of unexpected expenses and give reassurance that both pets and their owners are protected should the worst happen. It’s worth searching around and looking at the types of insurance available on the market. Different levels of protection are available and these can adapt as your budget changes and give you peace of mind that both you and your four-legged friend are protected.”
