Carter Financial Management presents The Buddy Index©: Americans spend $1,133 per year on a pet; costs increase by almost 10 percent

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May 04, 2015, 03:16 ET

DALLAS, May 4, 2015 /PRNewswire/ -- Annual pet care costs increased by almost 10 percent between 2012 and 2014, with approximately 40 percent of costs being preventive and annual medical expenses, according to The Buddy Index, an infographic produced by Carter Financial Management in Dallas.

When it comes to their pets, Americans love, care … and spend. The Buddy Index infographic reveals that:

Americans love their pets. The Buddy Index showcases America's commitment to care and spend for their pets.

Between 2012 and 2014, pet care spending increased by almost 10 percent (8 percent)
Americans are spending $1,133 per year on their pets
Between 2012 and 2014, pet expenses were more than 2.5 times the cumulative U.S. inflation rate
Preventive and annual medical costs represents almost 40 percent of annual pet costs
Of medical costs, heartworm tests showed the biggest jump in costs—28 percent between 2013 and 2014
51.6 percent of all U.S. households own a dog or cat; 57 percent of Millennial households own a dog or cat.

* U.S. Inflation numbers from US Inflation Calculator. Pet medical expenses from an annual review of Banfield Pet Hospital service pricing. Pet lifestyle expenses from an annual review of PetSmart product pricing. U.S. pet ownership statistics from PetFoodIndustry.com.

The Buddy Index is compiled by Carter Financial Management, an independent financial planning firm based in Dallas. The company is led by Bill Carter, owner of Buddy, an Australian Border Collie. Additional details and source material for the index are available online at http://www.carterwealth.com/buddyindex2015.

Carter Financial Management is located 12222 Merit Drive, Suite 1800, Dallas, Texas 75251. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Raymond James does not offer tax advice.

Raymond James is not affiliated with, and does not endorse the products or services of Roy Miller. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Bill Carter and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

Photo - http://photos.prnewswire.com/prnh/20150504/213661-INFO

SOURCE Carter Financial Management