Pet ownership has immeasurable mental and physical health benefits, but it comes at a significant financial cost. Americans spent an average of $1,355 on their pets over the course of a year, according to a study from Empower, and one-third of pet owners say they’re more generous with their pets than they are with themselves. But nearly as many pet owners ages 50 and up surveyed for the University of Michigan’s 2025 Poll on Health Aging say pet ownership strains their budget. Here’s what they’re up against.
Read:Pet spending surges even in rough economy
Higher Costs Than Expected
Fifty-nine percent of pet owners surveyed by Empower said pet ownership costs more than expected. However, older pet owners are managing the costs more successfully. Whereas 31% of the pet owners ages 50 or older feel the strain, 47% of Empower’s respondents (ages not tracked), feel it.
Food Is the Biggest Cost
The Empower survey found that food is the largest pet-related expense owners face, averaging $1,200 per year. Vet bills, by comparison, average $828 per year.
Unexpected Pet Medical Expenses Pose Hardships
Although 77% of Empower’s respondents would use savings and/or their emergency funds to cover an unexpected medical expense, making that the top way to pay, relatively few could cover the entire cost that way. Forty-four percent would take out a loan or use a credit card, and 41% would work extra hours. Nearly one-third (30%) would borrow money from family or friends.
Dog Owners Spend More
Dog owners spend an average of 14% more on their pets compared to cat owners, and golden retriever owners pay more than owners of any other dog breed Empower listed — $1,780 compared to $1,749 for beagles, $1,585 for unknown/mixed breeds and $1,538 for German shepherds. The cheapest dogs are also among the smallest. Shih tzu owners pay just $1,064 per year, and chihuahua owners pay $1,089.
Pet Spending Is Highly Emotional
When asked why they spend on pets, a whopping 94% of Empower respondents said they spend because they view their pets as family members. In fact, they spend more on their pets than they do on most human family members, including siblings (36% more), parents (34% more) and partners or significant others (16% more).
Nearly as many (88%) spend because they enjoy shopping for their pets. Nearly three-quarters (74%) want to spoil them. And 32% say they spend money because they feel guilty about not spending enough time with them.
Pets Inspire Owners To Develop Good Financial Habits
Pet owners take their financial responsibilities seriously. Fifty-seven percent include pet needs in their retirement and other long-term financial planning. Nearly 40% budget pet expenses, and 31% are preparing for pet ownership by saving up money for expenses.
Planning Pet Costs
Pets are priceless, but caring for them isn’t. The best way to ensure that your pet is taken care of now and in the future is to budget costs like you would any other expense, and plan for their care in the event they outlive you.
