Caring for pets can be costly, with 15% of U.S. pet owners experiencing “pet poverty” and 22% carrying at least $2,000 in pet-related debt. The average lifetime cost of owning a dog is nearly $35,000 and $32,000 for a cat, influenced by size and lifespan factors.

Many Americans are reconsidering pet ownership due to rising costs, with 23% considering going petless and 39% saying their current pet will be their last. 12% have surrendered a pet because of financial constraints, with inflation affecting pet food, veterinary care, and necessary supplies.

58% of pet owners have skipped meals to afford their pets’ needs, reflecting the financial strain of pet ownership. Veterinary prices in the U.S. have increased by about 60% in the last decade, impacting pet owners’ ability to provide necessary care for their pets.

Despite the rising costs, pet insurance enrollment is on the rise, with over 6.4 million dogs and cats insured in the U.S. as of 2024. Policyholders find the cost of insurance worth it, with 67% reporting it as valuable and 34% saying they saved money with pet insurance.

While pet insurance can be expensive, it can help manage unexpected high costs if a pet becomes critically ill or is in an accident. A comparison tool like BestMoney can help find the best rate for pet insurance to protect pets and wallets. Pets are family members deserving of a healthy life.

Read more at Yahoo Finance: ‘Pet poverty’ strikes 1 in 7 pet owners as lifetime cost of cats and dogs exceeds $30K. Are pets now only for the rich?