Survey Reveals American Pet Owners Prioritize Pet Care and Financial Planning

Pets as Family Members

As National Dog Day approaches on August 26, a new survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) highlights the growing trend of American pet owners prioritizing their pets in both everyday spending and long-term financial planning. The survey, executed in mid-July 2026, discovered that not only do a substantial number of Americans own pets, but a remarkable 95% of pet owners regard their animal companions as integral family members.

Financial Commitment to Pet Care

The desire to care for pets is reflected in significant budgetary commitments. Approximately 62% of pet owners—those who own either a dog or a cat—have specifically allocated a budget for pet care. This financial dedication is particularly evident in the willingness of pet owners to cut back on their personal expenses rather than reduce spending on their pets. Sixty-nine percent stated they would prioritize their pets over their own needs if faced with financial constraints.

Interestingly, this trend is more pronounced among older demographics. Among pet owners aged 65 and older, 81% indicated they would opt to decrease their personal spending instead of curtailing their pets' care, compared to lower percentages among younger age groups: 64% (ages 18-34), 63% (ages 35-44), 71% (ages 45-54), and 73% (ages 55-64).

Cary Sinnett, Director of Personal Financial Planning for AICPA, commented on these findings, stating that Americans see pets as family members, with expense allocation for their care being treated as an essential household cost. This underscores the emotional and social support that pets provide, reinforcing their priority in many households.

Inclusion of Pets in Estate Planning

The survey also reveals noteworthy insights regarding how pet owners plan for their pets' future through estate planning. Approximately 73% of pet owners have created wills or trusts, with 40% of those individuals having made provisions specifically for their pets. The motivations behind those who did not include their pets in estate plans varied: 40% simply hadn't considered it, while 38% believed their family or friends would manage their pets if necessary. A further 25% felt that wills are exclusively for humans.

Erin Itkoe, a CPA member of AICPA's PFP Champions Task Force, highlighted the importance of addressing the care of pets in estate planning. Many individuals neglect to consider pet care in the unfortunate event of incapacity or death, placing stress not only on their pets but also on those charged with their care.

Financial Strategies for Pet Owners

To assist pet owners in effectively managing their pets’ expenses and future care, AICPA has outlined several recommendations:

1. Establish a Pet Budget: American Veterinary Medical Association (AVMA) reports average annual spending of about $1,515 per pet, not including purchase costs. It's crucial to budget for essential recurring expenses such as food, grooming, and veterinary visits. An emergency fund for unexpected expenses should also be integrated into the budget.

2. Evaluate Pet Insurance: Consider whether acquiring pet insurance is a wise choice based on your pet’s age and health. Currently, about 41% of pet owners have chosen to insure their pets. Reviewing the specifics of various insurance options is advisable to ensure comprehensive coverage for unexpected costs.

3. Review Estate Plans Regularly: Pets, while not able to inherit assets directly, still require a robust care plan within estate documents. Identify caretakers for your pets and outline how their care will be financed in your absence. It’s vital to update these documents with any life changes such as adoption, relocation, or changes in financial circumstance.

4. Create an Emergency Care Plan: Draft detailed care instructions for your pets that encompass feeding schedules, medications, vet information, and behavioral notes. Having this information readily available ensures a smooth transition of care should an emergency arise.

Conclusion

The implications of this survey are clear: American households are increasingly treating pets as family members with significant emotional ties and financial commitments. As the bond between pets and owners continues to strengthen, understanding how to integrate pet welfare into financial and estate planning is becoming more essential. For further tips and resources, interested pet owners can visit AICPA's Financial Literacy Page, which seeks to provide additional guidance on managing financial responsibilities in relation to pet care.