Synchrony, a consumer financial services company, recently published a new STUDY regarding the lifetime cost of pet ownership for both cats and dogs.

The LIFETIME OF CARE study by Synchrony shows the following:

• The lifetime cost for dogs ranges from $20,000 to $55,000.
• The lifetime cost for cats ranges from $15,000 to $45,000.
• This study asked pet owners if they thought they were financially prepared for pet ownership at the outset — and if, after a few years, the realty matched their expectations.
  • 45% of dog owners thought they were financially ready for pet expenses (but were not).
  • 38% of cat owners thought they were financially ready for pet expenses (but were not).

Methodology: The Synchrony Lifetime of Care study included 1,200 pet owners and 100 veterinarians.

RELATED:

PRESS RELEASE: Synchrony Study Reveals Pet Owners Spend As Much As $55,000 During A Pet’s Lifetime (1.11.22)
https://www.prnewswire.com/news-releases/synchrony-study-reveals-pet-owners-spend-as-much-as-55-000-during-a-pets-lifetime-301457497.html

RECENT NEWS:

• Synchrony’s CareCredit Acquires Pet Health Insurance Company Pets Best (3.24.19)
  https://www.pets.care/news/2019/03/synchrony-carecredit-acquires-pet-health-insurance-company-pets-best/
  • Consumer financial services firm Synchrony announced the acquisition of Pets Best (more than 125,000 pet insurance policies in place) which will operate within the Synchrony-run CareCredit platform that provides financing for veterinary care expenses.