Millennials guilty of spending the most on their pets CommBank says

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By Jack Dona · · 2 min read
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A woman lays on the floor, cuddling a big, fluffy golden retriever dog

Many of us love to spoil our pets with new toys and treats, but new research from CommBank shows that some generations take their fur babies' wellbeing to new heights.

The research found that the average Australian pet owner spends around 10% of their monthly income on their pets.

A pie chart outlining the amount of money pet owners spend on average, as a percentage of their monthly income
Aussie pet owners spend on average 10% of their monthly income on their pets.

However, the generation guilty of spending the most money on their pets is undoubtedly the millennials, who spend an average of $357 per month.

Pet parents from Gen X are the next highest spenders, splashing an average of $282 per month, followed by Gen Z ($257) and the Baby Boomers ($173).

A column graph showing the differences in average monthly spend on pets among different generations
Millennials love to spoil their pets the most, spending $357 on average per month.

CommBank general manager insurance partnerships, Vanessa Rowe says she isn’t surprised by the figures, given the way most pet owners see their furry friends.

“Ninety per cent of pet owners see their pets as fully-fledged family members, so it’s not surprising they spend so much time and money on them,” she said.

Costs can stack up without pet insurance

While the cost of owning a pet can differ from household to household, unforeseen illnesses or injuries can cause a massive blow-out in pet-care budgets.

“PetSure claims data from 2016 to today shows that 1 in every 5 pets have a lifetime healthcare cost exceeding $50,000 and the research by CBA shows that only 28 per cent of owners have a pet insurance policy,” said Rowe.

A pie chart outlining the difference in percentage between those who do have a pet insurance policy and those who don't
A staggering 72% of Australian pet owners don't have a pet insurance policy to help them with the financial strain of things like vet bills.

Without a pet insurance policy in place, the costs of vet visits and treatments can take a heavy toll on your finances.

According to CommBank, the average cost of the top 10 most common medical conditions for dogs are:

  1. Skin allergies ($520)
  2. Ear infections ($315)
  3. Osteoarthritis ($423)
  4. Gastritis ($523)
  5. Diarrhoea ($416)
  6. Lameness ($441)
  7. Mass lesion on skin ($698)
  8. Vomiting ($565)
  9. Anal sac disorder ($260)
  10. Dental disease ($706).

When you get a pet insurance policy, you aren’t only making a promise to your furry family members that you’ll be there for them when they need it most, you’re actively preparing for the financial responsibilities of pet ownership.

Compare pet insurance now to find the best pet insurance for your needs, or find the answers to your questions in our pet insurance guides .