Thornburg Investment Management’s Jan Holman in GOBanking Rates

Which Generation Spent the Most on Pets in 2023?

GOBankingRates surveyed 1,021 Americans aged 18 and older from across the country in October 2023 and found that, among the various age groups, older millennials aged 35 to 44 stood out as the top spenders when it comes to their pets. Approximately 17% said they spend over $1,500 monthly on pet expenses, whereas only around 6% of 18 to 24-year-olds and 14% of younger millennials said the same.

Of course, as pet parents, you want the best for your pets. However, $1,500 a month is not a trivial amount. It’s enough to cover the rent for a studio apartment in most U.S. states. To avoid letting pet ownership impact your financial health, learn to strike a balance between spoiling your pets and staying within a budget.

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