New research suggests nearly one third of pet owners have pet regret

Close to one in three UK pet owners are doubting their decision to adopt their animal companions, a survey by Creditspring has shown.

The subscription lender has attributed pet regret to increasing monetary stress associated with caring for animals.

The firm’s data, based on answers from 1,000 UK pet owners, indicated charges are increasing for several pet-related goods and services, with 59% citing jumps in costs for pet food, 45% for vet bills and 33% for emergency treatment. 

When questioned how they would take on an unexpected £500 unplanned cost, only 28% of people said they would be able to use savings, while 16% said they would borrow money through credit cards, an overdraft or other credit. 13% said they would set up a payment plan, 12% said they would draw from usual income and save on other expenses and 5% said they would not be able to cover the cost at all.

The company said its study reveals that many households “are only one surprise cost away from real financial strain”.

Tamsin Powell, consumer finance expert at Creditspring, said: “Pets are part of the family and most owners will do whatever they can to keep them healthy. But when food, insurance and routine care are all rising at once – and an unexpected vet bill can run into the hundreds – it doesn’t take much for a household budget to tip into stress.

“Our research shows many pet owners would have to borrow, use a payment plan, or cut back elsewhere to cover a £500 treatment cost. Borrowing isn’t anyone’s first choice, but these numbers show how quickly a surprise cost becomes a crisis when people don’t have a buffer.”