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Study Finds Most Clients Underestimate Lifetime Pet Care Costs
The 2025 Pet Lifetime of Care Study aims to create awareness for the costs of owning a pet
Synchrony has officially released its 2025 Pet Lifetime of Care Study, which works to provide clients more information on how much owning a pet could cost as well as ways owners can be better financially prepared. Since originally being conducted in 2022, the study surveyed almost 5000 dog and cat owners in the United States, but, for the first time, included hamster, guinea pig, rabbit, and other pet owners.
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The research, conducted on behalf of CareCredit, Synchrony's pet and veterinary financial solution, was to build more awareness for the cost of caring for a pet and how to help clients be more financially prepared. The findings showed a gap between the perceived and actual costs of care. Seventy-four pet owners who participated in the study disclosed they faced unexpected pet care costs over $250, with only 31% admitting they can comfortably manage a major pet expense.1
"The best asset you can give your pet is their health. The profound bond we have with them drives us to prioritize their health and happiness," expressed Courtney Campbell, DVM, DACVS-SA, founder of Stitches Veterinary Surgery, in an organizational release.1 "Preventive care is the bedrock of a vibrant life. If we can prevent costly emergencies before they start, we can help ensure a lifetime of joy and comfort for our multispecies family members."
RELATED: Easing veterinary care costs
Some trends from the study compared with the study in 2022 include:
Besides normal costs of care, unexpected bills can cause some concerns for pet parents, another trend that is on the rise since the 2022 study. In 2022, 1 in 3 pet owners had financial worries related to expenses, and now nearly 1 in 2 worry in 2025.1 With this rise in concern also came an increase in wanting financial solutions such as pet insurance and credit cards. The survey found that of the participants, 58% have used a credit card for care, but only 20% had a dedicated savings or insurance for pet owners.
"Pets enrich our lives in countless ways, and it's natural for pet owners to want to provide them with the best possible care. Our research shows that while 60% of dog owners, 61% of cat owners, and 59% of 'pocket-pet' owners see them as family, many are unaware of the true financial commitment," said Jonathan Wainberg, MBA, senior vice president and general manager, Pet, Synchrony.
"At CareCredit we're committed to bridging this gap and empowering pet owners by offering financing solutions that help them to focus on providing the best possible lifetime of care for their beloved companions," he concluded.
Anyone interested in reading the full study can visit the 2025 Pet Lifeline of Care website.
Reference
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Rising Pet Care Costs Find Many Owners Unprepared, Study Shows
FILE - Pet cat attends a birthday celebration for the Algonquin's resident cat, Matilda, at The Algonquin Hotel on August 12, 2009 in New York City. (Photo by Charles Eshelman/FilmMagic)
We love them and they are a member of the family, but owning a pet can get expensive.
What's more, the cost of owning a pet is going up, according to a study conducted by Synchrony, a financing company.
Since 2022, the cost of owning a dog increased by 11.65%, while cat care jumped by 19.4%, leaving owners underestimating the true cost of owning a lifelong furry companion.
Tens of thousands spent on pet careDig deeper:
Pet owners, however, estimated they would only spend around $8,000 on their dog's care or $6,000 on cats, according to the study.
What they're saying:
"Pets enrich our lives in countless ways, and it's natural for pet owners to want to provide them with the best possible care," said Jonathan Wainberg, senior vice president and general manager of Synchrony's pet division. "Our research shows... Many are unaware of the true financial commitment."
Dig deeper:
Almost 8 in 10 pet owners underestimate the cost of owning a pet for its entire lifetime.
Unexpected vet bills were a factor for pet owners underestimating the cost of care for their pets, with some saying they had to pay over $250.
Moreover, in 2022, 1 in 3 pet owners said they were worried about covering pet costs and in 2025, nearly 1 in 2 pet owners feel this way.
A whopping 58% of owners revealed they use credit cards to cover their vet costs, while only 20%-24% said they have an emergency savings fund or pet insurance.
Owners invest in pet wellnessMore pet owners are choosing to invest in wellness plans for their pets, as well as indulge in high-tech pet products, the study revealed.
Dog owners spent up to $701 a year on wellness plans and $313 a year on pet insurance.
Cat owners are now spending between $350-$480 a year on high-tech products for their pets.
The number of people who have adopted cats since 2022 has increased, amplifying spending trends, according to the study.
In the U.S., cat ownership went up from 30% to 37% in just one year.
What you can do:
The best course of action to help prevent unexpected pet care costs is preventative care.
"Preventive care is the bedrock of a vibrant life. If we can prevent costly emergencies before they start, we can help ensure a lifetime of joy and comfort for our multi-species family members," Dr. Courtney Campbell, board-certified veterinary surgeon and founder of Stitches Veterinary Surgery, said.
The Source: Information for this article was taken from a news release based on Synchrony's 2025 Pet Lifetime of Care Study. The study was conducted between Jan. 31 and Feb. 22, 2025. This story was reported from Los Angeles.
Pets and AnimalsMoneyNewsHalf Of America's 87 Million Pet Owners Have Decided Against Vet Treatment — What's Behind The Alarming Trend
'Economic euthanasia': 52% of America's 87 million pet-owning households have decided against vet treatment — and it's leading to deadly consequences. Here's what's behind the alarming trend
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Fur babies are family. But for many Americans, the cost of caring for them is becoming unbearable.
A Gallup poll found 52% of U.S. Pet owners say they've had to put off veterinary care because of the cost. A whopping seven in 10 also say they forgo pet care due to financial reasons.
Don't missThese numbers reveal a troubling reality: Financial constraints are significantly affecting how Americans care for their pets.
According to The Atlantic, experts call this situation "economic euthanasia" — referring to the heartbreaking decision to forgo necessary treatment or euthanize a pet because the care is unaffordable.
Why are vet bills getting so high?It's not your imagination. Prices are soaring.
In 2023, Americans spent around $38 billion on healthcare for their pets, up from $29 billion in 2019, according to The Atlantic. Capital One projects that total pet-related spending in the U.S. Will reach $157 billion by the end of 2025.
The Bureau of Labor Statistics also found that urban veterinary services saw a 5.3% price increase from April 2024 to April 2025 — more than double the 2.4% average rise in the cost of all consumer goods. Looking back a decade, the average veterinary bill is now 60% higher than it was in 2014, according to Morning Brew's analysis of federal data.
This is partly due to advancements in pet medicine, such as ultrasound machines, X-rays and lab equipment — an expense that's passed down to consumers.
However, unlike human health care, employer plans and private insurance don't cushion these costs.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it
When finances decide a pet's fateGallup reports that 71% of pet owners find veterinary care unaffordable or not worth the cost. Most cap treatment spending at $1,000.
While 64% could pay twice that for lifesaving care if offered a year-long, no-interest plan, only 23% have received such an option. The lack of financing leads to pets going without care, being surrendered or even euthanized.
What can pet owners do?For many pet owners, avoiding the vet might seem like the only choice due to high costs. However, smart budgeting and pet insurance can help make care more affordable.
If you have a furry friend, you are probably shelling out big bucks at your vet during each visit. With only 2% of pets insured across the U.S., pet owners typically spend up to $186 on average for a routine veterinary checkup, and anywhere between $374 and $1,285 for an emergency visit.
You can cut these costs with pet insurance. BestMoney is an online marketplace that lets you compare pet insurance policies offered by reputable providers like Spot Pet Insurance, ASPCA Pet Best and more.
You can compare the coverage benefits, potential deductibles, geographical availability and reviews — all in one place. Many of the featured insurance providers offer customized coverage plans, ensuring your pet's needs are met.
Get started and you can find offers starting at just $10 per month
For millions of Americans, rising veterinary costs are forcing an impossible decision: pay the bills or risk your pet's health. It's a choice no one should have to face.
While the financial strain is real, planning ahead and getting the right pet insurance can help make care more accessible.
After all, pets aren't just animals — they're family — and every family member deserves a chance at a healthy life.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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