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Share Name | Share Symbol | Market | Type |
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TD Ameritrade Holding Corporation | NASDAQ:AMTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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TD Ameritrade survey reveals millennials spend $67 billion a year on their dogs
A new survey of 1,519 millennials shows just how important pets are to their lives, and just how much that love impacts their wallets. Of those surveyed, 72 percent own pets, most of whom (67 percent) warmly consider these pets as their “fur babies.” May is National Pet Month, so TD Ameritrade explored the financial habits of millennial pet owners. The survey found that, while both canines and felines are showered with financial affection, dogs tend to get a little more financial love than cats. On average, dog owners spend $1,285 a year on their pet, while cat owners spend $915 a year.
TD Ameritrade’s survey also found that millennials expect to spend more money on their dogs over the course of the pet’s lifetime than they do on their own lifetime healthcare costs. And seven in ten millennials (68 percent) would gladly take time off to care for a new pet, if their employer offered it as a perk.
“Just in the last month, my family and I welcomed a puppy into our home,” says Chris Bohlsen, director of Investor Services at TD Ameritrade. “Having a pet is definitely expensive so it’s important to be realistic about these new costs and look for ways to mitigate expenses.”
Bohlsen suggests looking for ways to offset these new expenses so that they do not negatively impact saving and investing for long-term goals. For example:
Millennial respondents said they are willing to spend nearly $2,000 on treatment for a sick pet. And more than one in ten millennials (11 percent) said they would shell out a steep $10,000. While they may be mentally prepared to spend the money, not all millennials are financially equipped to do so, which could mean dipping into savings or using a credit card. To avoid this, consider establishing a pet emergency fund, Bohlsen recommends.
Pet owners can’t prepare for all scenarios. However, they can take steps to make sure that their fur babies are well taken care of, without sacrificing too much in the way of finances. Life's complex, but setting your financial goals doesn't have to be. That’s why TD Ameritrade offers clients and non-clients Complimentary Goal Planning sessions with financial consultants located in its 360+ U.S. branches across the country.
Insights from pet loversSamantha D., a 27-year-old marketing strategist in Omaha, Neb., shares her story. “I adopted my first pet four years ago, a tabby named Fitzgerald. I was pretty content, especially as I know dogs can be more expensive and time consuming than cats. But after buying a house my backyard just looked empty. So I made an investment in my happiness and brought home Willa, a golden retriever puppy. Willa was $700, quite a bit more than the $60 cat adoption fee. And I’ve spent $350 in veterinary fees and puppy shots, and an unknown amount of money on toys, a dog bed, collar, leash, food, puppy shampoo, etc. Yes, Willa is expensive, but she’s my fur baby and you can’t put a price on happiness.”
Lauren L. is a 28-year-old advertising account executive in Omaha, Neb., and mom to Lilly, a 6-year-old Havaton (Coton D’Tulear/Havanese mix). She says, “In Lilly’s six years she has seen her fair share of the vet’s office – from swallowing my earbud to narrowing spine problems and ear infections. I had no idea that taking her in just for routine medical care could add up to hundreds of dollars.”
Read more real stories and expert advice for pet lovers at Fresh Accounts.
About TD Ameritrade Holding CorporationTD Ameritrade provides investing services and education to more than 11 million client accounts totaling more than $1.2 trillion in assets, and custodial services to more than 6,000 registered investment advisors. We are a leader in U.S. retail trading, executing an average of more than 940,000 trades per day for our clients, nearly a quarter of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com, or read our stories at Fresh Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org)/SIPC (www.SIPC.org).
Survey conducted by Head Solutions GroupHead Solutions Group (U.S.) Inc. is a leading market research partner for financial services companies in North America. With offices in New York, Toronto and Montreal, Head Solutions Group delivers the deep customer insights that increase institutional knowledge and propel business action. TD Ameritrade and Head Solutions Group are separate and unaffiliated firms and are not responsible for each other’s services or policies.
About the 2018 Millennials & Their Fur Babies SurveyA 15-minute online survey was conducted with 1,519 American adults ages 21 to 37 by Head Solutions Group, between February 21 and March 7, 2018, on behalf of TD Ameritrade Holding Corporation. The statistical margin of error for the total sample of N=1,519 within the target group is +/- 2.5 percent. This means that in 19 out of 20 cases, survey results will differ by no more than 2.5 percentage points in either direction from what would have been obtained by the opinions of all target group members in the United States. Pet owners represented 1,139 of those surveyed. The statistical margin of error for the total pet owner sample of N=1,139 American adults within the target group is +/- 3.6%. This means that in 19 out of 20 cases, survey results will differ by no more than 3.6 percentage points in either direction from what would have been obtained by the opinions of all target group members in the United States. Sample was drawn from major regions in proportion to the U.S. Census.
Source: TD Ameritrade Holding Corporation
View source version on businesswire.com: https://www.businesswire.com/news/home/20180514005214/en/
TD Ameritrade Holding CorporationFor Media:Becky Niiya,402-574-6652Director, Corporate Communicationsrebecca.niiya@tdameritrade.com@TDAmeritradePRorFor Investors:Jeff Goeser, 402-597-8464Director, Investor Relationsjeffrey.goeser@tdameritrade.com
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