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Gen Z is being forced to give up their pets due to financial concerns, a new study from LendingTree found.
Across the country, 12 percent of Americans said they had surrendered a pet because they could no longer afford to take care of it. For Gen Z, that was a much more substantial number at 25 percent.
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, said the prevailing idea has been that Gen Z is choosing pets over kids due to cost concerns. But the study shows that even pet ownership may be out of reach for many Gen Z-ers.
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“When considering a pet purchase, most think only of food expenses,” Beene told Newsweek. “They fail to put in medical care, grooming, and most importantly daycare services if they have to leave town and need a facility to watch after their pet. A pet is definitely cheaper than a child, but you still want to do an overview of costs before you obligate yourself to one.”
“So much goes into owning a pet,” LendingTree chief credit analyst Matt Schulz said in the report. “It isn’t just food, leashes and toys. Inflation has left many people with less disposable income. When that happens, you have to make difficult decisions and prioritize your money. For many, that doesn’t leave room for pets.”
The study, which surveyed 2,000 U.S. consumers, found 85 percent of pet owners said inflation had made pet ownership more expensive, and 37 percent even admitted to going into debt for their pet.
Among those with pet debt, 68 percent had $500 or more of it.
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The financial pressures could be causing many Americans to opt against pet ownership in general. The survey found 23 percent considered going petless due to costs, and 39 percent won’t own a pet again in the future.
Gen Zers were the most likely to go petless at 46 percent. Millennials trailed after at 29 percent, while 14 and 7 percent of Gen X and Baby Boomers considered going without pets.
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For those who already have pets, 24 percent say they wouldn’t have gotten a pet if they knew how expensive it was, with 37 percent of Gen Z pet owners agreeing with that statement.
Schulz said for those with pets already, leaning on friends and family to help keep their pet costs down is a potential option.
“If you have trusted friends or family willing to help in certain circumstances, let them,” Schulz said.
“That vacation becomes much more financially feasible if you don’t have to pay for a boarding place while you’re gone. Also, hand-me-downs can make a difference. Leashes, bowls, beds and toys are a few of the things you might be able to get from loved ones or find used at secondhand stores or online.”
Young pet owners are especially at risk of going into debt due to medical emergencies concerning their pets, said Kevin Thompson, a finance expert and founder and CEO of 9i Capital Group.
“People are making hard decisions between pet ownership or non-ownership,” Thompson told Newsweek. “I can afford a pet and choose not to due to the amount of responsibility and cost associated with ownership.”