New Study Reveals 25% of Gen Z Forced to Surrender Pets Due to Financial Strain

According to Newsweek, Gen Z is increasingly being forced to give up their pets due to financial difficulties, according to a new study by LendingTree.

Nationwide, 12 percent of Americans reported surrendering a pet because they could no longer afford to care for it. However, the situation is even more severe for Gen Z, with 25 percent of them having to make this tough decision.

Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, highlighted that while the prevailing belief has been that Gen Z is choosing pets over kids due to cost concerns, this study reveals that even pet ownership is becoming unaffordable for many in this generation.

“When people consider getting a pet, they often think only about food expenses,” Beene told Newsweek. “They overlook costs like medical care, grooming, and daycare services for when they need to travel. A pet is definitely cheaper than a child, but you should still evaluate all the associated costs before committing to pet ownership.”

LendingTree’s chief credit analyst, Matt Schulz, echoed these sentiments in the report, emphasizing the hidden costs of pet ownership. “It’s not just about food, leashes, and toys. Inflation has left many people with less disposable income, leading to difficult financial decisions where pets often fall lower on the priority list.”

The study, which surveyed 2,000 U.S. consumers, found that 85 percent of pet owners believe inflation has made pet ownership more expensive. Additionally, 37 percent admitted to going into debt for their pets, with 68 percent of those in pet-related debt owing $500 or more.

Financial pressures are leading many Americans to reconsider pet ownership altogether. The survey revealed that 23 percent of respondents have considered not owning a pet due to costs, and 39 percent say they won’t own a pet again in the future.

Gen Z is the most likely to opt out of pet ownership, with 46 percent considering going petless. Millennials followed at 29 percent, while 14 percent of Gen X and 7 percent of Baby Boomers have thought about living without pets.

For those who already have pets, 24 percent said they wouldn’t have gotten a pet if they had known how expensive it would be, with 37 percent of Gen Z pet owners agreeing with that sentiment.

Schulz suggested that pet owners could lean on friends and family to help reduce pet-related costs. “If you have trusted friends or family willing to help, let them. Vacations become more affordable if you don’t have to pay for pet boarding. Hand-me-downs like leashes, bowls, beds, and toys can also help cut costs.”

Young pet owners are particularly vulnerable to going into debt due to pet-related medical emergencies, according to Kevin Thompson, a finance expert and CEO of 9i Capital Group.

“People are making tough choices between pet ownership and non-ownership,” Thompson told Newsweek. “I can afford a pet, but I choose not to because of the responsibility and costs involved.”