Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Real Money Brings Pets
Judged on the number of pets they own, the most avid pet owners are investors with a net worth exceeding $5 million, not including their primary residence, according to the latest Investor Pulse survey from Spectrem Group’s Millionaire Corner.
Twenty-nine percent of those investors own more than four pets, compared with just 5% of investors with less than $100,000 net worth. Women tend to own more pets than men. Five percent of women own more than four pets, compared with just 2% of men. Of investors who own pets, the largest percentage (30%) spend $500 to $999 on their pets each year.
Dogs are more popular than cats: More than two thirds (67%) of pet-owning investors have dogs, compared with the 49% who own cats.
About equal numbers of affluent pet owners got pets from a shelter or a breeder. Thirty-six percent report adopting a shelter or rescue pet, compared with one third who purchased their pet from a breeder.
About a fifth of survey participants (21%) adopted their pet from someone they know. Fourteen percent say they rescued their pet, which they found abandoned. Fewer than 10% got their companion from a chain or local pet store.
Younger affluent households surveyed were most likely to have gotten their pet from a breeder. The percentage of those who buy from breeders decreases as the age of the respondent increases, from 39% of those younger than 40, to 30% of Baby Boomers, age 51 to 60.
Shelter or rescue adoptions increased with age, from 27% of those under 40 to 41% of pet-owning respondents 61 and older.