Pet-care costs are rising, putting a strain on family budgets – what can employers do to help?

The number of families in the United States with at least one pet has reached an all-time high, as have pet care costs. This means that there are more pet parents in the workforce than ever before, many of whom consider their pets to be members of their family and are attempting to combine rising costs with the ability to give the best possible care for their dogs.

However, when pressures on family budgets rise at home, employers can take efforts to ensure employee financial security and peace of mind. This is how it all works out.

Individuals's attitudes toward pets are shifting, and with the rise of pet-friendly workplaces and remote work, people are expecting more from their pets' care.

Pet Ownership Trends by Generation

Today, at least one pet is a member of the family in more than 70% of American households, or two out of every three.

1 Despite the large number of pets and pet parents, pet ownership is pretty evenly distributed across generations, with Millennials leading the charge at 32%. The next largest group is Baby Boomers, who account for 27% of all pet parents, followed by Gen X, who account for 24% of all pet parents. 2

Employers should be aware that employees aged 25 to 64 account for 81 percent of the total American workforce.

 So, no matter how big or little your company is, chances are you have a lot of pet owners on staff.

Taking Care of Pets as if They Were Family

Individuals's attitudes toward pets are shifting, and with the rise of pet-friendly workplaces and remote work, people are expecting more from their pets' care. They're also getting a lot more in return. According to a recent survey by the Human Animal Bond Research Institute, 95 percent of pet parents around the world consider their pets to be members of their family4, and 87 percent claim mental or physical health advantages as a result of their pets. 5

This "health impact" could also explain why 77 percent of pet parents indicated they would make big life adjustments and sacrifices for their pets6, and why 82 percent of employees feel more loyal to companies who have pet-friendly policies and workplaces, according to a separate study.

The Costs of Basic Annual Pet Care are Increasing

As the expense of everything from grooming to medical care rises, 47 percent of pet parents say they have incurred pet-related debt.

 While the figure is alarming, it should come as no surprise.

Consider that total U.S. pet care business sales in 2021 surpassed $109 billion, an increase of nearly $6 billion from sales in 2020. Pet food spending increased by $44.1 billion, while veterinary care spending increased by $32.3 billion, including product sales (e.g. prescriptions). Furthermore, the average dog owner now spends $1480 per year on basic care and routine visits, whilst the average cat owner spends around $900 per year. 9

Employee Benefits and a Generous helping of Preventative Medicine

Pet wellness plans, such as those offered by Wagmo, are different from pet insurance in that they reimburse pet parents for routine preventive care that helps avoid chronic disease and lowers costs over time. Wagmo Wellness programs give employees a valuable financial tool to manage everyday costs, as well as a pet care blueprint with guidance and tools that encourage preventive to keep pets healthy and families happy, for companies contemplating pet benefits for their team.

Details Here