Millennials are choosing to become pet-owners rather than parents, according to recent studies. “With 44% of millennials remaining unsure if they want to start their own family, their Instagram feeds may be more full of fur babies than tiny humans,” the Futurecast report says.
Some 73% of millennials own a pet, according to the American Pet Products Association, greater than the population as a whole.
But pet ownership comes with a high cost — 73% of pet owners say they would go into debt to provide for their pet’s well-being. This is where employers can make a difference, by offering a monthly pet perk. With only 9% of organizations currently doing so, there is plenty of headroom for pet insurance to become a competitive advantage.