Survey Reveals How Much Millennials Are Spending on Their Dogs and Cats
Millennials tend to shower their dogs with more financial affection than felines, according to a new survey from TD Ameritrade. The survey shows just how important pets are to millennials’ lives and how much that love impacts their wallets.
Of those surveyed, 72 percent own pets, most of whom (67 percent) warmly consider these pets as their “fur babies.” When it comes to the financial habits of millennial pet owners, the survey found that, while both canines and felines are showered with financial affection, on average, dog owners spend $1,285 a year on their pet, while cat owners spend $915 a year.
TD Ameritrade’s survey also found that millennials expect to spend more money on their dogs over the course of the pet’s lifetime than they do on their own lifetime healthcare costs. And seven in ten millennials (68 percent) would gladly take time off to care for a new pet, if their employer offered it as a perk.
Millennial respondents said they are willing to spend nearly $2,000 on treatment for a sick pet. And more than one in ten millennials (11 percent) said they would shell out a steep $10,000.
The 15-minute online survey was conducted with 1,519 American adults ages 21 to 37 by Head Solutions Group, between Feb. 21 and March 7, on behalf of TD Ameritrade Holding Corporation.