New Synchrony Study Finds Nearly 8 out of 10 Pet Owners Underestimate the Cost of Care, Reaching Up to $61,000 During a Pet's Lifetime

Rhea-AI Summary

Synchrony's (SYF) 2025 Pet Lifetime of Care Study reveals significant increases in pet care costs, with 80% of owners underestimating lifetime expenses. Dog care costs over 15 years have risen 11.65% to $22,125-$60,602, while cat care costs surged 19.4% to $20,073-$47,106. The study, which newly includes small companion animals, shows their 6-year care costs range from $7,600-$14,938. Financial concerns are growing, with nearly 50% of pet owners worried about unexpected veterinary bills, up from 33% in 2022. While 60% of owners view pets as family, only 20% have dedicated savings or insurance for pet emergencies. The study, conducted by Synchrony's CareCredit, surveyed 4,861 pet owners and highlights increasing adoption of pet insurance, wellness plans, and tech investments in pet care.

Positive

• Study reveals growing pet insurance and wellness plan adoption among dog owners
• CareCredit provides flexible financing solutions at over 27,000 veterinary practices
• Strong market opportunity as 80% of pet owners underestimate care costs
• Increasing tech investment in pet care, particularly in cat ownership where spending nearly doubled

Negative

• Nearly half of pet owners report significant financial worry about unexpected pet expenses
• Only 20% of pet owners have dedicated savings or insurance for pet emergencies
• Sharp increase in lifetime care costs: 11.65% for dogs and 19.4% for cats since 2022
• 74% of pet owners face unexpected costs exceeding $250, while only 31% can comfortably manage major pet expenses

Insights

Financial Analyst

Synchrony's pet financing opportunity grows as lifetime pet care costs surge 10-20%, creating demand for their CareCredit product.

Synchrony's latest research reveals a significant market opportunity for their CareCredit financing solution in the pet care sector. The study shows pet care costs have increased substantially since 2022 – up 11.65% for dogs ($22,125 to $60,602 over 15 years) and 19.4% for cats ($20,073 to $47,106). This cost inflation creates a compelling business case for Synchrony's specialized financial products.

The research identifies a critical market gap: nearly 80% of pet owners underestimate lifetime care costs, 74% face unexpected expenses exceeding $250, and only 31% can comfortably manage major pet expenses. Most notably, financial anxiety around veterinary bills has grown from 33% to nearly 50% of pet owners since 2022.

Despite these financial concerns, pet owners increasingly view their animals as family members (60% of dog owners, 61% of cat owners) and prioritize quality care. This emotional commitment coupled with financial constraints creates ideal market conditions for Synchrony's CareCredit, which is now accepted at over 27,000 veterinary practices nationwide.

The expansion of research to include small companion animals ($7,600-$14,938 lifetime costs) demonstrates Synchrony's commitment to serving the entire pet market. With only 20% of pet owners having dedicated savings or insurance for emergencies, but 58% already using credit cards for pet care, Synchrony is well-positioned to convert general credit users to their specialized CareCredit product, potentially driving revenue growth in this expanding segment.

Lifetime of Care Costs Continue to Rise From 2022 Findings — Up More Than 10% For Dogs and Nearly 20% For Cats

2025 Study Adds Data on Small Companion Animals, Also Called "Pocket Pets"

STAMFORD, Conn., June 2, 2025 /PRNewswire/ -- Synchrony's (NYSE: SYF) new 2025 Pet Lifetime of Care Study reveals nearly 8 out of 10 pet owners underestimate the cost to care for their pet over a lifetime. The report highlights a growing trend of pet owners viewing their animals as part of the family and committing to high-quality care, even as nearly half report that unexpected expenses cause significant financial worry. Expanding on original research conducted in 2022, this new study surveyed nearly 5,000 U.S. dog and cat owners and, for the first time, small companion animal owners, including those with hamsters, guinea pigs, rabbits and others.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/synchrony/9310651-en-synchrony-2025-pet-lifetime-of-care-study 

Data from this study shows a clear upward trend in lifetime pet care costs compared to the study in 2022:

• Caring for a dog over 15 years now costs $22,125 to $60,602, an average increase of 11.65%
• For cats, the rise is even sharper – $20,073 to $47,106, an average increase of 19.4%
• The small companion animal expense range, based on a 6-year lifespan, is $7,600 to $14,938 (first-year results)

The research, conducted on behalf of Synchrony's pet and vet financial solution, CareCredit, seeks to build further awareness for the costs of caring for a pet as well as options that can help pet owners be financially prepared. Particularly as research shows a gap between perceived and actual costs. Almost three out of four (74%) pet owners say they have faced unexpected pet care costs exceeding $250, while only 31% of pet owners admit they can comfortably manage a major pet expense.

"Pets enrich our lives in countless ways, and it's natural for pet owners to want to provide them with the best possible care," said Jonathan Wainberg, Senior Vice President and General Manager, Pet, Synchrony. "Our research shows that while 60% of dog owners, 61% of cat owners and 59% of 'pocket-pet' owners see them as family, many are unaware of the true financial commitment. At CareCredit we're committed to bridging this gap and empowering pet owners by offering financing solutions that help them to focus on providing the best possible lifetime of care for their beloved companions."

Unexpected veterinary bills can cause concern for pet owners. Financial worry related to these expenses is growing, rising from one in three pet owners in 2022 to nearly one in two in 2025, highlighting the increasing economic impact of pet care. As financial worry increases, so does the demand for financial solutions such as pet insurance and credit cards. 58% of pet owners have used a credit card for pet care, while only 20% of dog, cat and mixed pet owners have dedicated savings or insurance for pet emergencies (24% for small companion pet owners).

Small Companion Animal Ownership: New Data on Lifetime of Care Costs
Committed to supporting access to pet care for all animals in the family, Synchrony's latest Lifetime of Care study includes an analysis of the costs associated with small companion animals, encompassing 6.7 million U.S. households (Forbes Advisor 2025). Owners of these "pocket pets" significantly underestimate the cost. While the study estimates $7,600-$14,938 over a 6-year lifespan, owners expect to spend less than $3,000 – less than half the minimum reported by the study.

Dog Ownership: Increased Investment in Health Insurance and Wellness Plans
Dog owners estimate the lifetime care of their pet to be about $8,000. This is significantly lower than the average 15-year total lifetime cost of dog ownership estimated in the study, which ranges from $22K-$60K. This is up from 2022, when the cost was $20K-$55K, a rise driven by increased adoption in technology (GPS collars, smart feeders, tele-vet platforms) and wellness plans. Dog owners are investing more in health insurance ($198 to $313 per year) and wellness plans ($422 to $701 per year), reflecting a growing emphasis on preventive and routine care. These estimates are in contrast to figures reported by the North American Pet Health Insurance Association (NAPHIA), which found that the average annual premium for dogs was $749 in 2024.

Cat Ownership: Sharp Rise in Tech Investments Amidst Growing Popularity
Cat ownership is on the rise in the U.S., along with estimated costs. The American Pet Products Association's (APPA) 2025 State of the Industry Report revealed that 49 million U.S. households (37% of all homes) now include a cat, up from 30% of households in 2024. While cat ownership is on the rise, and owners are increasingly willing to spend on feline care, they still significantly underestimate lifetime costs. Cat owners predict less than $6,000 in expenses while the actual minimum is closer to $20,000 for an average lifespan of 15 years. The new research found tech investment nearly doubled, with annual costs increasing from $185–$385 to $350–$480, as cat owners embrace smart products and services such as automated litter boxes, feeders and telehealth tools to enhance feline wellbeing.

"The best asset you can give your pet is their health. The profound bond we have with them drives us to prioritize their health and happiness," said Dr. Courtney Campbell, board-certified veterinary surgeon, and founder of Stitches Veterinary Surgery. "Preventive care is the bedrock of a vibrant life. If we can prevent costly emergencies before they start, we can help ensure a lifetime of joy and comfort for our multi-species family members."

For more than 35 years, CareCredit has provided a flexible financing solution for veterinary services, treatments and diagnostics, offering pet owners peace of mind and access to a variety of financing options to fit their budget. Accepted at more than 27,000 veterinary practices and all public university veterinary schools in the U.S., CareCredit empowers pet owners to provide the necessary care for their pets, from routine checkups and emergency surgeries to grooming and boarding.

Pet owners can quickly see if they prequalify for the CareCredit credit card in real time (with no impact to their credit score) and apply on any smart device or over the phone. A credit decision is immediate and if approved, they can use their account to pay their veterinarian immediately. This financial flexibility allows pet owners to focus on what matters most, keeping their pets happy and healthy.

To learn more and access the complete 2025 Lifetime of Care study, please visit petlifetimeofcare2025.com.

Methodology
Synchrony's 2025 Lifetime of Care study included 4,861 pet owners and was conducted between January 31 and February 22, 2025. The online survey mirrored the U.S. Census and included questions about pet owner experiences, spending patterns, and key challenges associated with the lifetime cost of care for cats, dogs, multi-pet households, and small companion animals.

About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For^® by Fortune magazine and Great Place to Work^®. For more information, visit www.synchrony.com.

Media Contact:
Lauren Devilbiss
Synchrony
Lauren.Devilbiss@syf.com

 

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SOURCE Synchrony

FAQ

How much does it cost to own a dog for its lifetime in 2025 according to Synchrony's study?

According to Synchrony's 2025 study, the lifetime cost of dog ownership over 15 years ranges from $22,125 to $60,602, an 11.65% increase from 2022.

What is the lifetime cost of owning a cat in 2025?

The lifetime cost of cat ownership over 15 years ranges from $20,073 to $47,106, representing a 19.4% increase from 2022.

How much do small companion animals or 'pocket pets' cost to care for?

Small companion animals or 'pocket pets' cost between $7,600 to $14,938 over a 6-year lifespan, though owners typically expect to spend less than $3,000.

What percentage of pet owners have savings or insurance for pet emergencies?

Only 20% of dog, cat and mixed pet owners have dedicated savings or insurance for pet emergencies, while 24% of small companion pet owners do.

How many veterinary practices accept Synchrony's CareCredit?

CareCredit is accepted at more than 27,000 veterinary practices and all public university veterinary schools in the U.S.