Younger generations prioritize pet time over pay, study reveals
A recent online survey conducted by the financial services firm Empower has discovered that a substantial number of millennials and Gen Z-ers are willing to accept lower wages in exchange for more time with their pets. The study, which surveyed 1,000 pet owners, found that 94% of respondents view their pets as family members. This perception significantly influences their spending habits, with an average annual expenditure of $1,355 (₹1,12,465) reported on pet care.
Pet ownership affects spending and financial planning
The survey further underscored that dog owners tend to spend 14% more than cat owners, with owners of golden retrievers spending the most at an average annual expenditure of $1,780 (₹1,47,740). Over half of all pet owners (57%) factor their pets into their long-term financial planning. Additionally, 35% of American pet owners stated that their pets motivate them to work harder and be more financially responsible.
Younger generations choose pet time over higher pay
The study revealed an unexpected trend among younger Americans. It found that 31% of Gen Z pet owners are willing to accept lower pay for jobs that offer flexible hours, allowing them more time with their pets. Similarly, 34% of millennial respondents would turn down a higher paying job to spend more time with their pets. This suggests a shift in work-life balance priorities among these generations.
Pets influence job preferences across all age groups
The impact of pets on job preferences extends beyond younger generations. The survey discovered that 41% of Americans across all age groups would be open to returning to office work if they could bring their pets along. Moreover, 26% stated that their ideal job would include time off when getting a new pet, a concept often referred to as "pawternity" leave. This highlights the significant role pets play in shaping career decisions.
Pandemic pets: Employers adapt for happy workers
During the pandemic, millions of households—an astonishing 23 million in the U.S. alone—adopted pets. Now, as the economy rebounds and workers resist returning to the office full-time, some employers are taking steps to accommodate both employees and their pandemic pets. According to a survey by Banfield Pet Hospital, half of the C-suite executives plan to allow pets in the workplace, joining companies like Google, Amazon, Uber, Mars, and others.
