Pet expenses can eat into your wallet, according to a survey.
The coronavirus pandemic was a boon for cats and dogs, as Americans welcomed them into their homes in unprecedented numbers.
But, with that act of generosity, many people are confronted with the reality that caring for a cherished pet is a significant financial commitment.
The financial services company Synchrony, which offers credit cards and insurance to pet owners, released its Lifetime of Care survey of 1,200 pet owners and 100 veterinarians on Tuesday morning, revealing that it costs $20,000 to $55,000 to care for a dog over the course of its life and $15,000 to $45,000 to care for a cat.
Furthermore, while seven out of ten pet owners consider their pets to be family members, nearly half of those polled overestimated the cost of caring for Fido or Tinkerbell.
According to Jonathan Wainberg, senior vice president and general manager of Synchrony's CareCredit Pet, pet ownership is on the rise in the United States, and pet owners are spending like crazy.