Now more than ever, millennials are forgoing parenting and opting for fur-babies instead. Seven out of ten millennials currently own a pet.
A recent study released by Ameritrade analyzed the expectations of pet owner’s expenses vs. what is actually spent on pet care each year. Four in ten owners found that owning a pet is more expensive than they originally anticipated.
The study found that dog owners spend approximately $1285.00 per year on each dog. Millennials as a whole spend near 67 billion dollars per year on their dogs alone and an additional 33.5 billion dollars per year on cats.
Millennials were also questioned on how much money they would be willing to spend if their pet were to get sick. One in 10 said they were prepared to spend up to $10,000 or more on pet treatment.
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