Pet costs driving owner regret, survey claims

Nearly a third of pet owners now regret acquiring their animals because of the challenges imposed by rising costs, a new survey has claimed.

A finance expert has echoed vets’ pleas for client openness about their financial situations after the analysis suggested one in 10 are even reducing their household energy use to tackle the problem.

But more participants reported increases in the cost of pet food than in routine veterinary care.

A total of 1,000 UK pet owners are said to have taken part in the research, the findings of which have been released to coincide with the annual Love Your Pet Day tomorrow (20 February).

Price increases

The survey, compiled by the research group Censuswide, found 31% of participants admitted regretting getting their pet because of rising costs, while 36% said they did not have pet insurance, compared to 62% with policies.

On veterinary care, a third (33%) said emergency treatment had increased in price over the past year, while 45% said routine care costs had also risen.

But 59% reported higher pet food prices than a year ago, echoing the long-standing concern of welfare groups who have called for the scrapping of VAT on pet food and veterinary care.

Savings and borrowing

The poll also found 5% of participants considered they would be unable to cover a £500 veterinary bill, with 28% saying they would use savings, 16% borrowing and 12% relying on cutting back spending in other areas.

In that respect, 10% admitted they had reduced household energy use because of pet related costs, though many other areas of spending, including eating out, holidays and subscriptions saw higher proportions reporting reductions.

As cost of living pressures have persisted in recent years, veterinary groups have repeatedly pleaded for clients to discuss their financial circumstances with their clinicians.

That message has now been reiterated by Tamsin Powell, a consumer finance expert for loan company Creditspring, which commissioned the survey, after only 13% of participants said they would set up a payment plan to meet unexpected costs.

Healthy

She said: “Pets are part of the family and most owners will do whatever they can to keep them healthy.

“But when food, insurance and routine care are all rising at once – and an unexpected vet bill can run into the hundreds – it doesn’t take much for a household budget to tip into stress.

“Our research shows many pet owners would have to borrow, use a payment plan, or cut back elsewhere to cover a £500 treatment cost.

“Borrowing isn’t anyone’s first choice, but these numbers show how quickly a surprise cost becomes a crisis when people don’t have a buffer.”