Millions of Brits fear they don’t have the cash to continue looking after their cats and dogs as they struggle to pay for pet food and insurance amid persistent cost-of-living pressures.
More than one in five (21%) pet owners, amounting to 5.3 million people nationwide, are worried they can no longer afford the upkeep of their pets, according to a study by Opinium commissioned by Tesco Bank, while nearly half (49%) of dog owners and over a third (36%) of cat owners say prices rises have impacted how much they spend on their furry friend.
Nearly one in ten owners have even thought about or have had to rehome their pet, according to the research, while 9% say they won’t be able to afford future vet bills. Nearly half revealed they’ve cut back on essentials for themselves, such as buying cheaper food or adjusting their household bills to cover the costs of their pets.
Alex Cross, Insurance Director at Tesco Bank, said: “Many of us are re-evaluating our budgets and tightening our belts at the moment, which can be harder to do when you have four legged friends in the picture.
“Pets aren’t as easy to convince that cheaper food brands or a cutback in treats is necessary, which means some owners are making changes to their own personal lifestyles to keep their pets happy.
“Some pet owners are even making more drastic cuts, such as cancelling their pet insurance policies altogether. For others, the difficult decision to rehome their pets has crossed their minds.”
It comes after pets charities reported a surge in owners surrendering their animals to cats and dogs homes after being unable to pay for their upkeep, with charities like Dogs Trust considering expanding its emergency support fund to allow owners to meet the rising costs in looking after them.
"This cost-of-living crisis has crept up on us a lot more quickly than people ever expected," Dogs Trust operations director Adam Clowes told Reuters.
In May, retailer Pets at Home said it had seen a 17% drop in the number of members for its VIP loyalty club from a Covid peak of 29,000, in signs owners were cutting back on non-essential services such as health checks, grooming and pet advice.
