New research from CBA reveals notable generational differences when it comes to pet owners.
New research commissioned by CommBank1 finds pet owners are divided by generation when it comes to their fur babies. Millennials and Gen Z are more likely than Gen X and baby boomers to take at least as many photos of their pets as of their family (75 per cent and 76 percent, compared to 65 per cent and 55 per cent respectively). Millennials are also more likely than baby boomers to enjoy spending as much time with their pets as they do with their family (90 percent compared to 82 percent).
On average, millennials spend the most on their pets at $357 per month and baby boomers the least at $173. Gen X spend $282 and Gen Z $2571.
The CommBank research1 found that on average pet owners spend around 10 percent of their monthly take-home income on their pets.
CommBank has teamed up with PetSure to distribute Pet Insurance to help pet owners with veterinary costs in the event of unforeseen illness or injury experienced by their pets.
CBA General Manager Insurance Partnerships, Vanessa Rowe, said: “Ninety per cent of pet owners see their pets as fully-fledged family members1, so it’s not surprising they spend so much time and money on them. PetSure claims data from 2016 to today2 shows that 1 in every 5 pets have a lifetime healthcare cost exceeding $50,000 and the research by CBA1 shows that only 28 per cent of owners have a pet insurance policy. Pet Insurance can assist with pet healthcare expenses in the event their furry best friend falls ill or is injured unexpectedly.”
PetSure Chief Insurance Officer, Joni Hudson, says “Pets are beloved family members, and we are fortunate to have access to world-class veterinary treatment in Australia to help us take care of them. The partnership between PetSure and CommBank aims to help Australians prepare for the costs of veterinary treatment so that we can focus on enjoying our time with our furry companions.
“The start of a new year is a popular time for Aussies to welcome a new pet into their home, and a good reminder to check how prepared we are for the financial responsibilities of being a pet-parent. Whether your pet is young or old, accidents and illnesses happen, and treatment can be a significant and unexpected expense that pet insurance can help with.”
Pet Insurance policies distributed by CommBank:
- Provide CommBank customers with complimentary access to a 24/7 vet telehealth service
- Allow customers to claim up to 90 percent of eligible vet bills^
- Allow customers to claim on the spot with GapOnly® through participating veterinary clinics, meaning customers only pay the gap* (the difference between the vet’s invoice and the eligible claim benefit under the policy) on eligible claims
- Offers two cover options, Classic Cover and Plus Cover, and optional benefits, including Booster Care Cover; and
- Comes with two months free premiums for new customers in their first year of cover, available until 30 June 2024#
The research by CommBank1 also found newer pet owners (up to five years) are more likely than long-term pet owners (over five years) to have a pet insurance policy (41 percent vs 22 per cent).
VetChat Founder and CEO, Veterinarian Dr Claire Jenkins explains many pet health concerns can be better managed and identified sooner with regular vet care.
“Similar to human health, regular check-ups and monitoring can save money down the line, and sometimes save your pet’s life. Often problems start small – and are less costly to treat – but become expensive and potentially life-threatening when left undetected or untreated. An added benefit of having a policy with CBA is complimentary access to VetChat*, a vet telehealth service that connects you directly with qualified Aussie vets via video 24/7, within minutes. For first-time pet parents it provides reassurance to know there’s expert vet advice available whenever and wherever they need – even at 2am!” said Dr Jenkins.
Source: https://petsure.com.au/pet-health-monitor/
The first pet to sign up for a Pet Insurance policy, distributed by CommBank, was an American Staffordshire Terrier cross named Freya. Freya’s paw-parent Nicola Belton said: “Freya is a treasured part of our family, so we wanted to make sure we were able to protect her, just as we would the human family members. We have been pet-parents for years and know the importance of having pet insurance to be able to make a decision quickly about any treatment that our pet requires. We love the option of Booster care in the policy, where multiple specialised therapies are included, such as acupuncture and physiotherapy, so that we can be proactive about Freya’s long-term health while she is still a young dog”.
To find out more, visit: commbank.com.au/pet-insurance
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
1About the research: This research was conducted online by YouGov plc, between 14/11/2023-22/11/2023, among a sample of 2,033 Australian pet owners aged 18 years and older. The data was weighted by age, gender and region to reflect the latest ABS population estimates of pet owners.
2 PetSure data: Average lifetime healthcare costs estimated using output from PetSure proprietary modelling. This modelling incorporates PetSure claims and policy data from ~c. 2016 to 2023 across all insured breeds. This estimate is representative of current monetary terms and relies on an assumption that the mix of breeds remains consistent with those currently insured with PetSure brand partners.
^ Depending on the level of cover. Policy terms and conditions, limits, exclusions and waiting periods apply. Sub-limits and excess may apply.
#Terms and conditions apply. Please see https://www.commbank.com.au/insurance/pet-insurance.html for full terms and conditions.
+VetChat is a non-insurance product that is separate from Pet Insurance and is provided by VetChat Services Pty Ltd.
Please note testimonials and customer experience may vary depending on individual circumstances. Claims are assessed subject to policy terms and conditions.
