According to a new study by LendingTree, Generation Z is forced to give up their pets for financial reasons.

Nationwide, 12 percent of Americans said they gave up a pet because they could no longer afford to care for it. Among Generation Z, that figure was even higher at 25 percent.

Alex Beene, a financial literacy professor at the University of Tennessee at Martin, said the prevailing belief is that Generation Z prefers pets to children because of cost. But the study shows that even owning a pet may be out of reach for many Gen Z members.

More from Newsweek Vault: Bank of America study shows the financial problems of Generation Z

“When they think about buying a pet, most people only think about the cost of food,” said Beene Newsweek. “They don’t have to worry about medical care, grooming, and especially daycare when they have to go out of town and need a facility to care for their pet. A pet is definitely cheaper than a child, but you should still get an idea of ​​the costs before getting one.”

“Owning a pet is so much hassle,” Matt Schulz, chief credit analyst at LendingTree, said in the report. “It’s not just food, leashes and toys. Inflation has left many people with less disposable income. When that happens, you have to make difficult decisions and prioritize your money. For many, that leaves no room for pets.”

According to the study, which surveyed 2,000 U.S. consumers, 85 percent of pet owners said pet ownership had become more expensive due to inflation, and 37 percent even admitted to going into debt to care for their pet.

Sixty-eight percent of respondents had debts of $500 or more.

More from Newsweek Vault: Compare cheap pet insurance

Financial pressures may cause many Americans to decide against pet ownership altogether. The survey found that 23 percent are considering not owning a pet because of the cost, and 39 percent do not plan to own a pet in the future.

At 46 percent, Generation Z was the most willing to give up pets. Millennials followed with 29 percent, while 14 percent of Generation X and 7 percent of Baby Boomers considered giving up pets.

More from Newsweek Vault: The best credit cards with rewards for pet owners

Of those who already own pets, 24 percent say they would not have gotten one if they had known how expensive it would be. Thirty-seven percent of Gen Z pet owners agree with this statement.

Schulz said for those who already have pets, one possible option is to enlist the help of friends and family to help keep the cost of their pet down.

“If you have trusted friends or family members who are willing to help in certain situations, let them do so,” Schulz said.

“Vacations become much more financially feasible when you don’t have to pay a pension while you’re away. Second-hand items can also make a difference. Leashes, bowls, beds and toys are some of the things you may be able to get from loved ones or find second-hand in second-hand shops or online.”

Young pet owners are especially at risk of getting into debt due to medical emergencies involving their pets, says Kevin Thompson, financial expert and founder and CEO of 9i Capital Group.

“People are making difficult decisions between keeping a pet and not keeping one,” Thompson said Newsweek“I can afford a pet, but I choose not to because keeping one involves too much responsibility and expense.”