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Survey: Americans Prioritize Pet Care in Budgets, Estate Plans as Pets Become Family

• A new AICPA survey reveals 95% of US dog and cat owners consider their pets family, with 62% maintaining a dedicated budget for pet expenses. • Nearly 70% of pet owners say they are more likely to reduce personal spending than cut costs on their animal's food, veterinary care, and necessities. • The willingness to prioritize pets financially increases with age, peaking at 81% for owners aged 65 and over, according to the Harris Poll data. • While 73% of pet owners have a will or trust, only 40% have included provisions for the long-term care of their animals.

A new national survey underscores a profound shift in American household economics: pets are now central to financial planning. Commissioned by the American Institute of CPAs (AICPA) and conducted by The Harris Poll, the data reveals that the vast majority of U.S. dog and cat owners not only view their animals as family but actively structure their budgets and estate plans around their well-being. The financial commitment is substantial and deliberate. The survey found that 62% of these pet owners maintain a specific budget for their animals, and 69% would sooner cut personal spending than reduce costs on pet care. This tendency intensifies with age, with 81% of owners aged 65 and over prioritizing pet expenses over their own. "Americans view pets as a member of the family and the money spent to care for them is not an afterthought but a core household expense," stated Cary Sinnett, Director of Personal Financial Planning at the AICPA. He noted that the companionship and emotional support pets provide often lead families to safeguard their needs, even during financially strained periods. This forward-looking care extends into legacy planning, though a significant gap remains. While 73% of pet owners report having a will or trust, only 40% have included formal provisions for their pet's future care. Experts warn that failing to plan can leave animals vulnerable. "Many people overlook what would happen to their pet(s) if they became incapacitated or pass away," said Erin Itkoe, a CPA and member of the AICPA’s PFP Champions Task Force. She emphasizes that documenting care arrangements in an estate plan benefits both the pet and the designated caregiver. In light of these findings, the AICPA advises pet owners to take concrete financial steps. Recommendations include establishing a dedicated pet budget and emergency fund, evaluating pet insurance options, and formally integrating pet care instructions into estate documents. The survey, released ahead of National Dog Day on August 26, highlights that for a growing number of Americans, responsible pet ownership is an integral component of comprehensive financial health.

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