TD Ameritrade survey reveals millennials spend
$67 billion a year on their dogs
A new survey of 1,519 millennials shows just how important pets
are to their lives, and just how much that love impacts their
wallets. Of those surveyed, 72 percent own pets, most of whom (67
percent) warmly consider these pets as their “fur babies.” May is
National Pet Month, so TD Ameritrade explored the financial habits
of millennial pet owners. The survey found that, while both canines
and felines are showered with financial affection, dogs tend to get
a little more financial love than cats. On average, dog owners
spend $1,285 a year on their pet, while cat owners spend $915 a
year.
TD Ameritrade’s survey also found that millennials expect to
spend more money on their dogs over the course of the pet’s
lifetime than they do on their own lifetime healthcare costs. And
seven in ten millennials (68 percent) would gladly take time off to
care for a new pet, if their employer offered it as a perk.
“Just in the last month, my family and I welcomed a puppy into
our home,” says Chris Bohlsen, director of Investor Services at TD
Ameritrade. “Having a pet is definitely expensive so it’s important
to be realistic about these new costs and look for ways to mitigate
expenses.”
Bohlsen suggests looking for ways to offset these new expenses
so that they do not negatively impact saving and investing for
long-term goals. For example:
- Travel by car instead of air this
summer for vacation. That way, the pet can come along and
families can save on boarding fees. If that’s not possible,
consider striking a deal with a pet-owning friend or neighbor with
you repaying the favor when they leave town.
- Enjoy in-home entertainment.
Take the opportunity of caring for a new puppy or older adopted pet
to stay home more and go out less. Pets are often a great source of
entertainment and companionship, part of why they bring such joy to
millennials’ lives.
- Engage children to help out with
caring for the pet. Bohlsen says, “We decided it was the right
time for a puppy because my kids (seven and eight) are old enough
to help with the puppy care.” While it may be appealing to sign up
for a yard waste service or pay for doggy daycare to tire a pet
out, enlist kids to pick up after and help exercise the dog—and
build familiarity and responsibility along the way.
- Keep up on routine and preventative
care. Being vigilant about a pet’s health and getting regular
checkups and vaccinations can help prevent illnesses and spot
issues early on, before they become even more expensive veterinary
bills.
Millennial respondents said they are willing to spend nearly
$2,000 on treatment for a sick pet. And more than one in ten
millennials (11 percent) said they would shell out a steep $10,000.
While they may be mentally prepared to spend the money, not all
millennials are financially equipped to do so, which could mean
dipping into savings or using a credit card. To avoid this,
consider establishing a pet emergency fund, Bohlsen recommends.
Pet owners can’t prepare for all scenarios. However, they can
take steps to make sure that their fur babies are well taken care
of, without sacrificing too much in the way of finances. Life's
complex, but setting your financial goals doesn't have to be.
That’s why TD Ameritrade offers clients and non-clients
Complimentary Goal Planning sessions with financial consultants
located in its 360+ U.S. branches across the country.
Insights from pet loversSamantha D., a 27-year-old
marketing strategist in Omaha, Neb., shares her story. “I adopted
my first pet four years ago, a tabby named Fitzgerald. I was pretty
content, especially as I know dogs can be more expensive and time
consuming than cats. But after buying a house my backyard just
looked empty. So I made an investment in my happiness and brought
home Willa, a golden retriever puppy. Willa was $700, quite a bit
more than the $60 cat adoption fee. And I’ve spent $350 in
veterinary fees and puppy shots, and an unknown amount of money on
toys, a dog bed, collar, leash, food, puppy shampoo, etc. Yes,
Willa is expensive, but she’s my fur baby and you can’t put a price
on happiness.”
Lauren L. is a 28-year-old advertising account executive in
Omaha, Neb., and mom to Lilly, a 6-year-old Havaton (Coton
D’Tulear/Havanese mix). She says, “In Lilly’s six years she has
seen her fair share of the vet’s office – from swallowing my earbud
to narrowing spine problems and ear infections. I had no idea that
taking her in just for routine medical care could add up to
hundreds of dollars.”
Read more real stories and expert advice for pet lovers at Fresh
Accounts.
About TD Ameritrade Holding CorporationTD Ameritrade
provides investing services and education to more than 11 million
client accounts totaling more than $1.2 trillion in assets, and
custodial services to more than 6,000 registered investment
advisors. We are a leader in U.S. retail trading, executing an
average of more than 940,000 trades per day for our clients, nearly
a quarter of which come from mobile devices. We have a proud
history of innovation, dating back to our start in 1975, and today
our team of 10,000-strong is committed to carrying it forward.
Together, we are leveraging the latest in cutting edge technologies
and one-on-one client care to transform lives, and investing, for
the better. Learn more by visiting TD Ameritrade’s newsroom at
www.amtd.com, or read our stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member
FINRA (www.FINRA.org)/SIPC (www.SIPC.org).
Survey conducted by Head Solutions GroupHead
Solutions Group (U.S.) Inc. is a leading market research partner
for financial services companies in North America. With
offices in New York, Toronto and Montreal, Head
Solutions Group delivers the deep customer insights that increase
institutional knowledge and propel business action. TD
Ameritrade and Head Solutions Group are separate and
unaffiliated firms and are not responsible for each other’s
services or policies.
About the 2018 Millennials & Their Fur Babies
SurveyA 15-minute online survey was conducted with 1,519
American adults ages 21 to 37 by Head Solutions
Group, between February 21 and March 7, 2018, on behalf
of TD Ameritrade Holding Corporation. The statistical margin
of error for the total sample of N=1,519 within the target group is
+/- 2.5 percent. This means that in 19 out of 20 cases, survey
results will differ by no more than 2.5 percentage points in either
direction from what would have been obtained by the opinions of all
target group members in the United States. Pet owners
represented 1,139 of those surveyed. The statistical margin of
error for the total pet owner sample of N=1,139 American adults
within the target group is +/- 3.6%. This means that in 19 out of
20 cases, survey results will differ by no more than 3.6 percentage
points in either direction from what would have been obtained by
the opinions of all target group members in the United States.
Sample was drawn from major regions in proportion to the U.S.
Census.
Source: TD Ameritrade Holding Corporation
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version on businesswire.com: https://www.businesswire.com/news/home/20180514005214/en/
TD Ameritrade Holding CorporationFor Media:Becky
Niiya,402-574-6652Director, Corporate
Communicationsrebecca.niiya@tdameritrade.com@TDAmeritradePRorFor
Investors:Jeff Goeser, 402-597-8464Director, Investor
Relationsjeffrey.goeser@tdameritrade.com
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