A new pet parenthood study by Pets Best looks at the experience of being a pet parent.
Dec 14, 2022 | Pets Best
Pets are family. They make us smile, laugh, get off the couch and go for a walk and bring additional purpose to our days. As a pet parent, you do everything you can to ensure you are caring for your pets the best that you can, whether you have a dog or cat. Pet care comes with veterinary bills, however, which can lead to increased financial anxiety. Some pet parents choose to purchase pet health insurance policies for their pets, while others stash away funds in pet-specific savings accounts or dedicate credit cards, such as CareCredit, solely for pet care costs. And when it comes to Gen Z versus Baby Boomers, each generation tends to handle pet parenting a little differently.
To dive deeper into this, Pets Best conducted a new study to look at the habits of households with pets. The study, Pet Parenthood Today, covers a variety of topics, ranging from how pet owners spend time with their pets, their shared experiences, financial stresses related to pet care, generational differences in pet ownership and more.
Methodology
Our Pet Parenthood Today study surveyed 1,420 responders across the United States, ranging from Generation Z to Baby Boomers.
Responders were broken into two groups:
- 71% of participants who did not have pet health insurance
- 29% with a pet health insurance policy
1,069 respondents in our study were dog owners, 347 with insured dogs and 722 with uninsured dogs. 789 respondents were cat owners, 218 with insured cats and 571 with uninsured cats. The average study participant had 2 pets, with 71% having been pet parents for more than 5 years.
Some survey questions were also broken down by whether a person in the study had a dog or cat; others were filtered further by demographic, with Gen Z, millennials, Gen X and Boomers answering questions pertaining specifically to their generational identifiers.
Key takeaways
- Having pet health insurance inspires pet parents to be more active and enables them to engage more with their pets.
- Living with pets helps people feel happier and calmer.
- When it comes to pet parenting, every generation does things differently.
- Pet parents prefer to work for an employer who values pet ownership.
- Pet insurance helps pet owners feel significantly less financial stress.
Pet parents with pet health insurance are more attentive to their pets
Our survey found that having pet insurance makes it more likely that a pet parent will relax around their pet and even engage with them more. On average, pet parents spend 8.5 - 9.5 hours a day with their pet. Pet parents with insurance were 1.5x more likely to vacation with their pet and 1.2x more likely to get active and exercise with their pet than those without pet health insurance.
Pet insurance was also shown to increase the care that pet owners dedicate to their pets. Pet parents with pet health insurance were 1.7x more likely to take their pet to the groomer, 2x more likely to give their pet organic food, 3.5x more likely to take their pet to doggie daycare and 1.8x more likely to take their pet to the park each month versus pet parents without pet health insurance. Having pet health insurance plans in place appears to make pet parents 4x more likely to use telehealth veterinary care services for pets.
Pets truly enrich our lives
Pet parents in the study reported that living with pets led to positive emotions such as joy, happiness, companionship, loyalty, completeness and relaxation. Not surprisingly, 83% of pet parents say they are happier as a result of being a pet parent. Additional themes that came up for pet parents in our survey were viewing pets as family members, feeling loved by their pets and love for their pets and being calmer when in the presence of their pet. And 79% of pet owners said they couldn’t imagine not ever having a pet in their life.
A person’s generation influences how they interact with and care for their pets
Our study looked at the ways in which Gen Z, millennials, Gen X and Boomers handle pet care and found that each generation has different pet parenting policies. Gen Z (34%) and Millennials (36%) are the top generations most likely to use pet health insurance to finance the costs of having a pet.
The generation of pet parents also influenced how they handle the costs of pet care, with Boomers, for instance, being more likely to put pet related costs on a credit card and Gen Z more inclined to have a dedicated savings account just for their pets. Millennials are also 3x more likely to use pet insurance to be prepared for the unexpected than boomers.
Pet-friendly workplaces are in demand
In today’s highly competitive job market, employees are looking for additional perks beyond standard benefits like health insurance and 401k programs. They want flexible work options, career development support, childcare coverage and wellness benefits, like gym memberships. And pet parents have an additional set of criteria, as our survey found that working for a pet-friendly company is a high-ranking job perk for pet parents. In fact, 57% of survey respondents said they prefer to work for an employer who values pet parenting and 23% admitted that their pets affect their employment decisions.
With pet ownership on the rise1 – more than 23 million American households adopted a pet during the pandemic2 3 – some companies are taking note, even offering pawternity leave4, or paid time off, when an employee gets a new pet. Other businesses are providing pet health insurance as a benefit.
Pet insurance helps pet owners feel significantly less financial stress.
4 out of 5 pet owners reported feeling some form of anxiety about pet care costs, regardless of having pet insurance or not. But pet owners with pet health insurance shared that while finances can be stressful, having policies for their pets in place helped them feel better equipped to manage things. People whose pets are insured felt less anxious about having to pay vet bills ranging anywhere from $250 to over $1,000 than those without pet health insurance.
Pet parents with pet health insurance plans reported being 5x more likely to use a pet wellness plan versus those without pet insurance. They were also 2x more likely to use a pet-related credit card, 2x more likely to have a dedicated savings account just for their pets and less likely to put their pet care costs on a regular credit card.
Across the board, both people with insured and uninsured pets identified the cost of pet care as their top pet parenting worry, with 81% of respondents feeling anxious about how much raising a pet would cost. The top concern was whether they’d be able to afford to pay for an unexpected vet care emergency. Additional stressors were pet care costs for aging pets, the cost of routine pet care, the overall costs of pet parenting, how a pet parent would care for a pet if they lost their job and whether they could afford the type of pet food that their pet needs.
Pet parents with pet care insurance said they tended to rely on a pet wellness plan, a payment plan with their veterinarian, discounted pet pharmacies or having a dedicated savings account for their pet as their preferred methods of covering pet costs. Those without insurance, on the other hand, were much more likely to rely on putting pet care expenses on a credit card, asking family and friends for financial help or visiting a low-cost clinic or veterinarian to pay for pet care.
Pet health insurance can provide pet parents with a financial plan for their pet
Between regular veterinary check-ups and paying for emergency medical bills, pet parenting can be expensive. This is where Pets Best can help provide peace of mind to pet parents. Our BestBenefit comprehensive pet insurance plans cover accidents, like a pet swallowing a new toy, broken bones, emergency surgeries and illnesses including diabetes, allergies, hip dysplasia, and hereditary and congenital conditions. And our pet wellness and routine care coverage is available as an add on to help pay for your dog or cat’s expected veterinary visits like annual check-ups, vaccinations, and more. Learn more .
Whether it’s curling up next to you on the couch, tossing a toy in your lap to play or covering you with kisses, your pet brings a great deal of joy to your life. Pet insurance by Pets Best helps to keep the cost of pet parenting down so that you can focus more on spending time with your pets and spend less time stressing about vet bills.
1Larkin, Malinda. “Pet Population Still on the Rise, with Fewer Pets per Household.” American Veterinary Medical Association, 17 Nov. 2021, https://www.avma.org/javma-news/2021-12-01/pet-population-still-rise-fewer-pets-household.news/2021-12-01/pet-population-still-rise-fewer-pets-household
2“New ASPCA Survey: Vast Majority of Dogs and Cats Acquired during Pandemic Still in Their Homes.” ASPCApro, 28 Feb. 2022, https://www.aspcapro.org/resource/new-aspca-survey-vast-majority-dogs-and-cats-acquired-during-pandemic-still-their-homes.
3Bogage, Jacob. “Americans Adopted Millions of Dogs during the Pandemic. Now What Do We Do with Them?” The Washington Post, WP Company, 7 Jan. 2022, https://www.washingtonpost.com/business/2022/01/07/covid-dogs-return-to-work/.
4Dodgson, Lindsay. “7 Companies That Give Staff Paid Time off When They Get a Puppy.” Business Insider, Business Insider, 23 Mar. 2019, https://www.businessinsider.com/companies-give-employees-pawternity-leave-2017-3.