Rising pet care costs find many owners unprepared, study shows

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 care

Dig deeper:

• Caring for a dog over a 15-year period can cost between $22,125 and $60,602.
• Caring for a cat over a 15-year period can cost between $20,073 and $47,106.
• Caring for "pocket pets" (having a lifespan of about six years) can cost between $7,600 and $14,938.

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 wellness

More 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.