Research shows that having a pet can promote wellbeing in people as they age. However, a new study finds that people are harder time affording pets now compared to just eight years ago.
These poll results for adults over age 50, included in the University of Michigan National Poll on Healthy Aging, show “changes since 2018, including more people choosing not to have pets due to financial costs, potentially missing out on benefits,” the University of Michigan said in a Monday press release.
More than half (55%) of the adults over age 50 who participated in the poll said they had a pet. Most (70%) had dogs, and half had cats. Birds, fish, large mammals like horses, small mammals like rabbits, reptiles and other types of pets were also on the list.
When it came to pets and wellbeing, 83% of pet owners over age 50 said their pets gave them a sense of purpose, 71% said their pets help them enjoy life and 70% said their pets help them connect with others. Majorities also said their pets make them feel loved (64%) and reduce stress (63%).
For 31% of pet owners in this age range, pet ownership can also come with financial stress, the poll found. There’s also 33% of people in this age range who don’t have pets and cite costs as the main reason why.
Last June, Audacy reported on research from Rover that indicated spending on pets would increase by 7% to 10% this year. Expenses range from food and toys to expensive veterinary visits.
“The current pet owners who were most likely to report that owning a pet strains their budget included women, those who rated their mental or physical health as fair or poor, individuals with disabilities that limit their daily activity, and those with household incomes under $60,000,” said the University of Michigan.
Dr. Preeti Malani of UM noted that “some of the people who could potentially get the most benefit from having a pet may also be the ones who have cost-related challenges to pet ownership.”