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Does your dog have an allowance? The average pet owner spends nearly $300 a month!

NEW YORK – If you want to have a pet, be prepared to have an annual budget of more than $3,500 for its essential needs. A new study of 2,000 pet owners, including 1,000 dog owners and 1,000 cat owners, reveals that half of all respondents have set a monthly budget for their pets (52%) with an average cap of $308.

In reality, pet owners, on average, spend $276.40 on their furry friends each month, which translates to $3,316.80 per year.

While almost all respondents exceeded their monthly budget (98%), four out of five admit they really “don’t care” (79%), showing their true dedication to their furry friend.

So what makes pet owners splurge?

Pet care (37%), emergency vet visits (35%), improving your pets’ home situation, and taking care of annual or ongoing medical needs (both 33%) are among the Top reasons why people spend more.

The research, conducted by OnePoll on behalf of Lemonade, also found that 45% of all pet owners think dogs are more expensive than cats, 13% think the opposite, and 42% think both are equally expensive . Respondents think dogs are expensive because food (54%), veterinary checkups (52%), medications (50%), grooming (46%) and cleaning products (38%) are expensive.

On the other hand, people think that cats are more expensive due to expensive food (41%), veterinary check-ups (40%), bedding (38%), cleaning products (38%) and the grooming (38%).

When people splurge on their pets, owners go all out, citing buying them trendy items, like all-natural pet food (38%), raw pet food (31%), a modified home like a ” catio” (29%), pet-friendly baked goods and desserts (28%), and pet tech like a smart collar (25%).

Pampering but no pet insurance?

Despite all this pampering, research suggests that more than half (55%) do not have an insurance policy for their furry friends, citing cost as the main challenge (41%). Of the 45 percent whose pets have insurance, owners researched an average of three policies for their furry companions before selecting the best option.

Two in five (41%) realized they needed to purchase insurance for their pets from the day they got it. The same percentage listed an emergency visit or surgery as the main reason they got it in the first place.

Regardless of whether their pets have insurance, three in four owners agree planning for their dog or cat’s end-of-life care is important (75%).

“There’s no question that bringing a pet into your home can add immense unconditional love, but it’s important to understand that they come at a cost,” Dr. Stephanie Liff, Lemonade’s veterinary health expert, says in a statement. “Whether it’s a routine vet visit, food, toys or emergency surgery, pets have financial needs that can add up. Being prepared and knowing your options, whatever that may be for an individual homeowner, is crucial before an issue arises that becomes a heavy financial burden.”

Pet owners don’t know how much procedures cost

Four in 10 respondents have gone into debt due to their pets’ emergency needs (42%). Procedures and care can be expensive for pets, and based on the results, many pet owners don’t know how much they cost. For example, 41 percent of pet owners think something like pet dental work costs between $101 and $500. In reality, a routine dental cleaning, on average, costs between $500 and $1,000, with more complicated dental procedures costing up to $3,000.

A third of those surveyed think expensive cancer treatments and surgery cost between $501 and $1,000, when in fact, according to Lemonade, some dog or cat surgeries can easily cost $5,000 or more, with a full round of cancer treatments cancer costing pet owners $10,000. .

Meanwhile, many pet owners think that flea treatments (36%) and vaccinations (34%) cost between $101 and $500, but in reality, flea treatments cost about $15 per month and vaccinations cost up to $50 per dose.

“Insurance doesn’t have to be intimidating, but it’s important to do your research and find the best solution for your family,” adds Dr. Liff. “Look for plans that can be customized to make sure you’re paying for what you really need, are easy to understand, and can give you the help you need when you need it.”

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