New Study Reveals Pet Care Costs Surpass Owner Expectations, with Lifelong Expenses Reaching Up to $61,000

Understanding the Financial Impact of Pet Ownership: The Synchrony 2025 Lifetime of Care Study

As pet ownership grows more prevalent, so too does the need for responsible financial planning for pet care. A new study conducted by Synchrony reveals that almost 80% of pet owners significantly underestimate the lifelong costs associated with caring for their furry friends. With lifetime expenses for dogs and cats reaching an astonishing $61,000, many pet owners are left unprepared for the financial realities of pet ownership.

The Key Findings of the 2025 Study

The Synchrony 2025 Pet Lifetime of Care Study builds on earlier findings from 2022, revealing a concerning trend: pet owners see their pets as family members but often fail to realize the financial commitment entailed. The study surveyed approximately 5,000 U.S. dog and cat owners and introduced insights from owners of small companion animals, such as hamsters and guinea pigs.

Rising Costs

The data indicates a significant increase in lifetime care costs. For instance, the cost of caring for a dog over 15 years is estimated to be between $22,125 and $60,602, representing a rise of approximately 11.65%. Meanwhile, cat owners can expect to spend between $20,073 and $47,106, which marks an average increase of 19.4%. Notably, the first-year costs for smaller pets are estimated to range from $7,600 to $14,938, a stark contrast to the expectations of their owners who anticipate spending less than $3,000.

Financial Concerns Among Pet Owners

Almost three-quarters (74%) of pet owners have incurred unexpected expenses exceeding $250, while only 31% feel they can comfortably manage significant veterinary bills. The study underscores a growing financial concern among pet owners, with nearly half reporting financial worry due to unforeseen pet care costs. As these worries increase, so too does the interest in financial solutions such as pet insurance and specialized credit options like CareCredit, which helps cover a range of veterinary expenses.

Owner Perspectives: Family Members or Financial Burdens?

Jonathan Wainberg, Senior Vice President and General Manager of Pet at Synchrony, notes that while many pet owners view their pets as family, a considerable number remain unaware of the long-term financial commitment. With an increasing reliance on technology and healthcare plans to maintain pet wellbeing, the total cost of pet care is expected to continue its upward trend.

A Closer Look at Dogs and Cats

Dog owners reported an average estimated lifetime care cost of about $8,000, which fails to align with actual figures exceeding $22,000. Owners are signifying a shift towards preventive care, with more investments in health insurance, wellness plans, and modern pet care technology like GPS collars and tele-vet platforms. In contrast, the costs associated with cats are also witnessing a substantial surge. Findings indicate that cat ownership increased significantly, with 49 million households now having cats. However, owners still miscalculate lifetime costs, often underestimating expenses to less than $6,000 when they should expect around $20,000.

Bridging the Financial Gap: The Role of CareCredit

CareCredit has emerged as a valuable resource for pet owners, providing them with flexible financing options to manage the various costs associated with pet care. Accepted at over 27,000 veterinary practices across the U.S., CareCredit offers pet parents the peace of mind necessary to prioritize their pets' health without fear of financial strain. Pet owners can determine their eligibility for CareCredit with no impact on their credit score, facilitating immediate access to care that can make all the difference in their pets' lives.

Conclusion

As demonstrated by Synchrony's latest findings, the financial implications of pet ownership are significant and persistently evolving. It’s essential for current and prospective pet owners to remain informed about the true costs of care over their pets' lifetimes. Educating oneself about potential expenses, leveraging financial tools like CareCredit, and prioritizing preventive healthcare is fundamental to ensuring a happy, healthy life for pets and their owners alike.

To explore the complete findings of the 2025 Lifetime of Care study, visit petlifetimeofcare2025.com.