Are Pets Only for the Rich? Survey Says 1 in 7 Pet Parents Are in ‘Pet Poverty’

With the cost of living rising and Americans tightening their budgets overall, many pet parents are facing real concerns over how to best care for their animals. A new survey conducted by MetLife Pet Insurance shed some light on just how dire the problem is. 

According to the survey, one in seven (15 percent) of pet parents in the United States are in “pet poverty,” meaning they're in “a reality where financial struggles make it difficult to provide even basic care for companion animals.” And to make matters worse, nearly 39 percent have gone into debt to pay for their pets’ medical care, with an average balance of $450. While one in five (22 percent) of pet parents currently carry over $2,000 in pet-related debt.

To help accommodate their budgets, many pet parents surveyed are making changes to their own lives, like cutting back on going out to dinner, skipping hobbies, and delaying their other debt payments. Some people are even taking on side gigs to help pay for expenses.

Most pet parents point to inflation as the reason behind their recent debt. Rising costs are affecting basically everything — groceries, transportation, rent, and more — all while salaries remain stagnant. A separate study from Rover also indicates that over half of pet parents are worried about the effects of tariffs on their regular pet costs. 

“So much goes into owning a pet,” LendingTree chief consumer finance analyst Matt Schulz told Yahoo Finance. “It isn’t just food, leashes and toys. Inflation has left many people with less disposable income. When that happens, you have to make difficult decisions and prioritize your money. For many, that doesn’t leave room for pets.”

But while it might be tempting to consider skipping your pet’s annual veterinary exam, as 52 percent of pet parents have reported doing in yet another survey by Gallup, the American Society for the Prevention of Cruelty to Animals (ASPCA) says that’s not a good idea. It’s always going to be more expensive to treat illnesses than prevent them, and regular check-ups are vital when it comes to spotting conditions early on. 

The mounting costs have even driven some people to rehome their pets, which is an incredibly difficult decision for pet parents to make. However, it’s important to note that while 55 percent of pet parents surveyed avoided adopting another pet due to financial concerns, more than 90 percent said they would still choose to adopt their current pet, even knowing the financial challenges. Bottom line: Pets might be pricey, but the joy and love that they give us is worth it — without a doubt. 

Don’t worry; you can still pet-parent on a budget.

If you’re finding yourself struggling to pay for your pet and yourself, the good news is that there are options out there to help — you just need to know where to look. 

Pet insurance can be helpful and worth it, especially in emergency situations. More and more employers are offering it, so it’s worth checking your company’s policy. If you have a Costco membership, you can get a discount on pet insurance. Lemonade renter’s insurance also offers pet insurance. Exact coverage varies from plan to plan, so make sure to do your research.

Additionally, there are several organizations such as VCA CareClub, VCA Charities HOPE Fund, RedRover Relief, Brown Dog Foundation, and Friends & Vets Helping Pets that specifically offer financial help for veterinary costs. There are also many options for finding free or reduced cost pet food, such as local food banks and Meals on Wheels organizations.