Millennials love a few things for sure – their plants, their avocado toast, and their pets. Lending Tree surveyed 760 pet owners about pet debt – who choose to go into debt when their pets were sick, and how they paid for it.
Out of all the generations, Millennials have been in pet debt at the highest rate, perhaps because they’re the loneliest generation.
Overall, more than six in 10 pet owners said their pet has had an emergency medical expense, and most said it’s happened more than once.
About 42% of Millennial pet owners have been in pet-related debt. Nearly one in 10 are currently paying it off.
As you can see from the chart, Millennials have pet-related debt at a higher rate than Gen X and Baby Boomers.
- Three-quarters of pet owners lack pet insurance — and 39% have regretted not having a policy for their furry friend. As a group, millennials are more likely to have pet insurance
- Nearly one in five pet owners spent more than $1,000 annually on their pet.
- The spector of potential pet debt is a source of worry: Nearly 60% of pet owners worry about expenses. Cat owners (66%) are slightly more likely to stress than dog owners (60%).
- If pet owners had to finance an emergency pet expense, 41% would pay with a credit card.
- But it’s all worth it: despite potential financial stress and surprises, 77% of those who have had pet debt would still consider getting another furry friend to love.