While pets bring endless love and joy, they also add to household expenses, often creating financial strain for their owners. Recent research by pet insurance specialist PD Insurance reveals that many New Zealand pet owners are feeling the financial pinch but offers valuable tips and strategies to alleviate this burden.
PD Insurance’s Pet Parent Survey, conducted in May 2024, sheds light on the challenges and experiences of dog and cat owners across the country.
“With the Ipsos New Zealand Issues Monitor survey highlighting the cost of living as the top concern, we wanted to understand the experiences of pet parents,” says PD Insurance COO Michelle Le Long. “Owning pets is costly, but there are ways to manage expenses without compromising your pet’s health or well-being.”
Survey Highlights
The survey, involving over 2,400 pet owners, found that nearly a quarter struggle with pet-related costs, while 39% find them occasionally challenging.
“This doesn’t mean people are abandoning their pets,” Michelle reassures. “Pets enrich our lives and help us through tough times.”
Regarding annual spending on training, grooming, food, and toys (excluding vet bills), 39.7% of respondents spend between $1,000 and $2,000, while 17% exceed $3,000 annually.
In terms of nutrition, 42% spend between $100 and $250 monthly on pet food, 36.9% spend $50 to $100, and 12% spend $250 to $500. “Some pets require premium diets due to allergies, chronic diseases, or digestive health,” Michelle explains.
Budgeting Tips
For those on a budget, practical strategies emerged. About 40% of respondents handle grooming themselves, and 53% buy food and supplies in bulk to save costs. Additionally, 8.5% make toys at home, and 36% look for sales and use coupons.
Pet Parent Advice
Michelle highlights that the survey allowed pet parents to share advice on managing expenses. One respondent mentioned ‘expense smoothing’ by using automated regular orders for food, reducing costs significantly. Others turn to online resources like YouTube for training and behavioral management before seeking professional help.
Cutting Luxuries
While cutting back on luxuries is tough, it can help manage costs. Michelle notes that dogs, and some cats, need exercise and love, which makes them easier to manage. “Doggy daycare is a useful service but comes at a cost. Some respondents suggest early morning and evening runs and working from home as alternatives,” she says. Well-exercised pets are less likely to cause mischief while their owners are at work.
Some pet parents are even cutting personal expenses to prioritize their pets. “This reflects the deep responsibility people feel towards their pets, who are part of the family,” Michelle adds.
Preparing for Emergencies
Unexpected expenses like medical emergencies are a significant worry for pet owners. Many respondents put aside money regularly as a ‘rainy day’ fund for their pets, while others find pet insurance a viable option. “Having pet insurance for my dog has been the best budgeting decision ever,” says one respondent.
“Both options are wise,” Michelle concludes. “Budget shocks shouldn’t force pet parents to compromise on their pet’s health.”
PD Insurance’s survey highlights that while pet ownership comes with financial challenges, there are effective ways to manage costs, ensuring that pets continue to bring joy without breaking the bank.
