Financial struggles are forcing Gen Z pet owners to give up their pets

The video discusses a study by LendingTree highlighting the financial challenges Gen Z faces in maintaining pet ownership, leading to increased pet relinquishment. Financial consultant Eric Wilson explains the impact of COVID-19 on pet adoption and the realization of the true costs involved, including pet insurance. He offers advice on managing these costs and humane ways to relinquish pets if necessary.

What percentage of Gen Z pet owners have had to give up their pets due to financial reasons?

• 30%

• 25%

• 12%

• 50%

What are some of the commitments required for pet ownership?

• Only time

• Time, financial, and emotional

• Only emotional

• Only financial

What is the estimated monthly cost of owning a pet, excluding the cost of the pet itself?

• $200

• $100

• $50

• $150

Why has pet insurance become more popular in recent years?

• It is cheaper than regular vet visits

• It covers food expenses

• It helps manage large vet bills in emergencies

• It is mandatory for all pet owners

What is one cost-saving measure suggested for pet owners?

• Skipping regular vet visits

• Using discounted pet clinics

• Avoiding pet insurance

• Buying food in bulk without a plan

What should pet owners do if they can no longer afford their pet?

• Abandon the pet

• Find a new home through family, friends, or social media

• Keep the pet regardless of financial strain

• Sell the pet to the highest bidder

What is a key piece of advice given for managing pet expenses?

• Impulse buying is recommended

• Research and planning are essential

• Avoid all pet-related expenses

• Only focus on food costs