Taking care of one’s best friend is getting more expensive. The average lifetime cost of caring for a dog is $60,602, according to a new study by Synchrony. For cats, the lifetime cost is $47,106.
That’s a nearly 12% increase for dog care since 2022, and just over 19% for cats.
Though owners appear to generally know that pet care is expensive, nearly 80% underestimate the actual lifetime costs, according to the study, which analyzed data from CareCredit, Synchrony’s pet and vet financial product.
“Our research shows that while 60% of dog owners, 61% of cat owners, and 59% of ‘pocket-pet’ owners see [pets] as family, many are unaware of the true financial commitment,” Jonathan Wainberg, senior vice president and general manager at Synchrony, said in a press release.
More than 75% of pet owners consider their pets to be family members, best friends, or their children, the study found. But many severely underestimate how much it will actually cost to take care of their pets over the animals’ average lifespans.
Nearly half of pet owners in Synchrony’s study said an unexpected pet-related expense caused financial concern in 2025. Roughly one in 10 pet parents who faced a surprise cost struggled to pay for it. And the same ratio had to seek financial assistance to care for their pets.
In fact, 26% of pet owners said an unexpected $250 pet care expense would cause them stress. For 23%, their threshold would be a $1,000 emergency expense.
Yet while 20% said they worry about future unexpected expenses, less than one-quarter have savings or insurance to help cover emergency pet care costs. But the vast majority — 92% — would do whatever it takes to cover their pets’ unexpected costs.
By all accounts, debt is a problem for Americans — and paying for emergency pet care is adding to the burden.
A recent Insurify survey found that more than 68% of double-income couples with no kids (DINKs) have worked more hours, racked up credit card debt, or put less into their savings accounts in order to pay for their pets’ needs. This parallels Synchrony’s findings that 50% of dog owners and 61% of cat owners put unexpected pet care costs on their credit cards. And 36% of small companion animal owners said they’d borrow from family or friends to pay a surprise veterinary bill.
Synchrony’s study found low rates of pet insurance adoption across all pet types. Overall, less than 25% of pet parents had savings or pet insurance to help pay for emergencies.
Along with food, toys, and veterinary care, pet parents must also consider the rising cost of pet insurance.
Synchrony’s study found that dog owners are spending more annually for pet health insurance and wellness plans: $198–$313 and $422–$701, respectively.
The average annual cost of an accident and illness pet insurance policy was $386 for cats and $749 for dogs in 2024, according to the North American Pet Health Insurance Association. That’s up 11% for dogs and 1% for cats since 2023, NAPHIA’s data indicates. Since 2020, average premiums rose 22% for dogs and more than 5% for cats.
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