5.3 million pet owners worried they can’t afford upkeep of their pets

• Half (49%) of dog owners and over a third (36%) of cat owners have cut how much they spend on their pet
• 33% of pet owners have reduced the number of services or activities for their pet over the past 12 months due to the cost of living
• 48% of pet owners have cut back on their own personal essentials to cover pet costs

A fifth (21%) of pet owners – 5.3 million people1 - are worried they can no longer afford the upkeep of their pets, according to the latest research from Tesco Bank.

The cost of living has forced many to review their finances and adjust their spending to continue caring for their pets. Half (49%) of dog owners and over a third (36%) of cat owners have said the increased cost of living has impacted how much they spend on their furry friend, with such things as pet insurance, vet healthcare plans, and luxury items like pet treats all taking a hit.

How cat and dog owners are cutting back on how much they spend on their pets

	Cat owners	Dog owners
I’ve had to cut back on how much I’m spending on my pet/how much I’m buying	13%	17%
I’ve had to purchase cheaper alternatives	17%	18%
I’ve had to cancel my monthly vet healthcare plan/policy	3%	5%
I’ve had to cancel my pet insurance	4%	5%
I’ve had to cancel/cut back on pet classes/groups/day-care	3%	6%
I haven’t been able to afford my vet bill	3%	5%

As a result of the current economic climate, more than two fifths (43%) of pet owners have adjusted or are considering adjusting the way they spend and care for their pet. One in ten (9%) have even thought about or have had to rehome their pet, while 9% say they won’t be able to afford future vet bills.

Over the past 12 months, 33% of pet owners have reduced the number of services, such as groomers and training classes, that their pet uses. On average cat owners are spending £150 each month on essential and luxury items for their pet with dog owners spending more than double at £304.40. 

Pet owners are also cutting back on personal spending to cover the cost of their pets. Nearly half (48%) 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, while half (50%) said they’ve cut back on personal luxuries such as dinners out, weekends away, or clothes shopping. 

Alex Cross, Insurance Director at Tesco Bank, commented: “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. Although this may seem like a necessary cutback in the short term, it leaves pet owners with no safety net and exposed to potentially high vet bills. For others, the difficult decision to rehome their pets has crossed their minds. Owners who are struggling should reach out to pet charities that may be able to offer financial assistance and advice.”

ENDS 

Notes to Editors:

For more information please contact:
Teamspirit:
Olivia Nelson / Sofia Cerchiai
tescobank@teamspirit.co.uk 

Methodology
Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK cat and dog owners (aged 18+). Fieldwork was undertaken 3rd April – 7th April 2023. 
1 In line with Opinium Research run on behalf of Tesco Bank, 48% (25.3m UK adults) are Dog and/or Cat owners. 21% of 25.3m is 5.3m.

*Tesco Bank Pet Insurance is arranged, administered and underwritten by Royal & Sun Alliance Insurance Ltd. Tesco Bank analysed claims made in 2022 by Tesco Bank pet insurance customers including 6,985 accident claims. 

About Tesco Bank 
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow, Newcastle and Reigate, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.