Millennials guilty of spending the most on their pets CommBank says

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.

Pet insurance comparisons on Mozo

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Important information on terms, conditions and sub-limits.
Last updated 15 July 2024 Important disclosures
  • Pet Protection Plus

    Petsy has zero sublimits and an annual limit up to $25k. Get a pre-existing conditions assessment in your cooling-off period - free of charge for members only. Dedicated all Australian customer service team. Cancel your policy and receive a full refund of your premium in the first 30 days (T&Cs apply).

    annual benefit limit
    $5,000, $10,000 or $25,000
    benefit percentage
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    choice of excess
    $0, $150, $200, $300, $500
    choice of vet
    Yes

    available discounts

    • 5% discount for second pet covered with Petsy applied for lifetime of the policy
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  • Mozo Expert Choice Badge

    Pet Insurance

    Enjoy flexible options that make it simple to tailor your pet insurance. Get a quote in just 2 minutes. Aussie customer care team. There are no sub limits and emergency help is available 24/7. Add optional extras such as dental illness and specialised therapies. Get 10% off your first-year premium using the exclusive promo code "MOZO10" - T&Cs apply.

    annual benefit limit
    $7,500, $12,5000, or $25,000
    benefit percentage
    70%, 80% or 90%
    choice of excess
    $0, $100, $200 Annual Excess
    choice of vet
    Yes

    available discounts

    • Get 10% off your first-year premium using the promo code "MOZO10"
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  • Major Medical

    Get two months free when you sign up with Pet Insurance Australia. Choose between three levels of cover for your pet. Policies cover a range of specified accidental injuries and illnesses. Get refunded for up to 80% of eligible vet bills. 21 day cooling off period.

    annual benefit limit
    $30,000
    benefit percentage
    80%
    choice of excess
    $0, $100, $200, $500
    choice of vet
    Yes

    available discounts

    • 2 months free when you pay by monthly or fortnightly. Offer end on the 30th June 2025.
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  • Pet Insurance

    Get cover for a generous 80% of your eligible vet bill when you take your furry family members to yourchoice of registered vet or veterinary practice in Australia. Enjoy a 15% discount on your first year’s premium for new policies quoted online. T&Cs apply.

    annual benefit limit
    $12,000
    benefit percentage
    80%
    choice of excess
    $100
    choice of vet
    Yes

    available discounts

    • Receive 15% off the first year’s premium for new policies quoted online
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  • Pet Plan

    Get dental, physio and behaviour cover included as standard with Fetch 30k cover with no sub-limits. Your plan includes free 24/7 vet support and an all Aussie vet nurse team to manage claims. Claims are paid directly to your vet.

    annual benefit limit
    $30,000
    benefit percentage
    80%, 90% or 100%
    choice of excess
    $0 - $100
    choice of vet
    Yes

    available discounts

    • -
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* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

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