Pets are family to 91pc of Malaysian owners, yet most lack emergency funds, survey finds

Most Malaysian pet owners consider their animals as part of their family, according to a recent survey by digital wealth platform Versa. However, a significant number of pet owners lack financial preparation for their pets' emergencies. The survey, which polled 10,055 respondents between July and August, found that 91% of pet owners view their pets as family members. Yet, only 37% of these owners have a dedicated financial buffer or insurance to cover their pets' needs in emergencies.

This lack of financial preparedness becomes particularly evident when faced with unexpected veterinary bills. About two-thirds of pet owners have encountered such expenses, with some paying over RM2,000 for a single incident. In these situations, 82% of owners rely on personal savings, while 15% utilize a dedicated pet fund and a mere 3% have pet insurance. The financial strain often results in owners cutting back on their own expenses to cover their pet's costs.

Interestingly, female pet owners seem to face a heavier burden. Nearly 11% of female pet owners reported veterinary bills exceeding RM2,000, compared to 6% of male owners. Despite their higher spending on pets and greater willingness to reduce their own expenditures, female owners are less likely to have a dedicated fund for their pets. Additionally, nearly one-third of the pet-owning households surveyed reported having three or more animals. Cats outnumber dogs by roughly two to one in this demographic.

It is important to note that the survey's findings are based on self-reported responses from Versa app users, not a nationally representative sample. Therefore, the results may not accurately represent all Malaysian pet owners.