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Chapter 3: Tactics for Talking About Money with Clients

Millennials Matter

These days, Millennials matter when it comes to the financial health of veterinary practices. They make up the largest population age group totaling approximately 70 million. There are many young professionals among their ranks who may be putting off having children because of work demands, a need for dual incomes, postponing marriage, or other reasons.

Millennials are people born between 1981 and 1997 who would be between 23 and 39 years old in 2020.

Millennials are people born between 1981 and 1997 who would be between 23 and 39 years old in 2020.

Pets are often taking the place of children for these young professionals at least in the short term. They also enjoy pampering their pets as evidenced by the amount of money they spend on them—more than any other age group! They purchase more toys and gifts, make more use of pet-related high-tech gadgets, and take them to the veterinarian more often.*

While Millennials tend to spend more money on their pets, they’re generally recognized as cost-conscious consumers. They may be struggling to get out from under expensive college loans, looking for jobs in their chosen fields, or in the very early stages of their careers.

To attract and retain Millennials at your practice, you need to actively market to them. You also need to be prepared to talk to them about money and offer financial solutions. According to PRNewswire, 25%of millennials have pet insurance, and 62% would put their own pet’s health before their own needs** This suggests that they are receptive to financial planning services that can help them take great care of their pets.

*Sundale Research, 2019, State of the Industry: Veterinary Care in the US
**PRNewswire, December 23, 2019: https://www.prnewswire.com/news-releases/survey-62-of-millennials-would-put-pets-health-before-their-own-300978756.html

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