Inflation is stressing the bonds between people and their pets, according to a new survey released by LendingTree.
In a nationwide poll of 1,017 pet owners, 75% of respondents said inflation was making pet ownership more expensive and 26% are struggling to afford having their pets. The survey found 87% of pet owners reporting increased pricing on key pet-related expenses, especially pet food (74%) and veterinary services (33%), and this price spike has forced nearly one in four (23%) to take on debt for their pets and 10% to limit their retirement savings contributions in order to cover the increased costs.
“Our pets are family, and we often have to make sacrifices for those we love,” said LendingTree’s Chief Credit Analyst Matt Schulz. “With pet ownership getting more expensive by the day, many Americans find themselves having to do just that. The best place to start is by carving out space in your budget for pet expenses and even a pet emergency fund, if possible. That way, the next big unexpected expense for your furry friend won’t automatically send you into debt.”
