As inflation continues to rise, pet ownership is becoming increasingly burdensome for many Americans. A recent LendingTree survey reveals that 85% of pet owners feel the pinch of rising costs, with 37% admitting to going into debt to care for their furry friends. The survey highlights alarming trends, such as 23% of pet owners considering giving up their pets due to financial strain, and 39% stating they won't own pets in the future. Among those who have surrendered pets, 12% cited affordability as the primary reason, a figure that jumps to 25% among Gen Z. The survey also shows that 76% of pet owners have noticed significant increases in pet food prices, alongside rising veterinary costs and necessary supplies. With only 27% of pet owners having insurance, many are left scrambling for funds during emergencies. Experts recommend budgeting, setting up an emergency fund, and exploring low-interest loans to help manage these rising costs.
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