Survey Shows Americans Prioritize Pets Financially and Include Them in Estate Planning
A new survey by The Harris Poll on behalf of the AICPA reveals that American pet owners are increasingly treating their pets as family members, with financial planning reflecting this sentiment. Nearly two-thirds (62%) of pet owners have a dedicated budget for their pets, and many would cut personal spending before reducing care for their animals. Older adults show stronger commitment to prioritizing pet expenses over their own. Estate planning also reflects the importance placed on pets: 40% of pet-owning individuals with wills or trusts include provisions for their pets. However, nearly half (38%) believe family and friends can manage care if needed, while others are unaware that such arrangements should be included in legal documents. The AICPA offers financial advice to pet owners, including creating a dedicated budget and emergency fund, evaluating pet insurance options, and ensuring estate plans account for long-term pet care.
Topics: financial planning pets wills and trusts