Study finds most clients underestimate lifetime pet care costs

Synchrony has officially released its 2025 Pet Lifetime of Care Study, which works to provide clients more information on how much owning a pet could cost as well as ways owners be better financially prepared. Since originally being conducted in 2022, the study surveyed almost 5,000 dog and cat owners in the United States but for the first time, including hamster, guinea pig, rabbit, and other pet owners.

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The research, conducted on behalf of CareCredit, Synchrony’s pet and veterinary financial solution, was to build more awareness for the cost of caring for a pet and how to help clients be more financially prepared. Within the findings showed a gap between the perceived and actual costs of care. Seventy-four pet owners that participated in the study disclosed they faced unexpected pet care costs over $250, with only 31% admitting they can comfortably manage a major pet expense.¹

"The best asset you can give your pet is their health. The profound bond we have with them drives us to prioritize their health and happiness," expressed Courtney Campbell, DVM, DACVS-SA, founder of Stitches Veterinary Surgery, in an organizational release.¹ "Preventive care is the bedrock of a vibrant life. If we can prevent costly emergencies before they start, we can help ensure a lifetime of joy and comfort for our multi-species family members."

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Some trends from the study compared to the study in 2022 include:

• For dogs over 15 years, the cost rose from $21,125 to $60,602.
• For cats over 15 years, the cost rose from $20,073 to $47,106.
• For small companion animal expenses, based on a 6-year life span, is $7600 to $14,938.

Besides normal costs of care, unexpected wills can cause some concerns for pet parents, another trend that is on the rise since the 2022 study. In 2022, 1 in 3 pet owners had financial worries related to expenses, and now nearly 1 in 2 worry in 2025.¹ With this rise in concern also came a rise in wanting financial solutions such as pet insurance and credit cards. The survey found that out of the participants, 58% have used a credit card for care but only 20% had a dedicated savings or insurance for pet owners.

"Pets enrich our lives in countless ways, and it's natural for pet owners to want to provide them with the best possible care. Our research shows that while 60% of dog owners, 61% of cat owners and 59% of 'pocket-pet' owners see them as family, many are unaware of the true financial commitment,” said Jonathan Wainberg, MBA, senior vice president and general manager, Pet, Synchrony.

"At CareCredit we're committed to bridging this gap and empowering pet owners by offering financing solutions that help them to focus on providing the best possible lifetime of care for their beloved companions," he concluded.

Anyone interested in reading the full study can visit the 2025 Pet Lifeline of Care website.

Reference

1. New Synchrony Study Finds Nearly 8 out of 10 Pet Owners Underestimate the Cost of Care, Reaching Up to $61,000 During a Pet's Lifetime. News release. Synchrony. June 2, 2025. Accessed June 3, 2025. https://www.prnewswire.com/news-releases/new-synchrony-study-finds-nearly-8-out-of-10-pet-owners-underestimate-the-cost-of-care-reaching-up-to-61-000-during-a-pets-lifetime-302470666.html