According to research by Blackhawk Network, commuters in the UK are overcoming the crisis of rising costs by cycling to work.
Cycling to work could save you PS1,262 per year in commuting expenses, an increase of PS512 over last year.
The savings are significant at a time of rising costs and a nation that is struggling to cope with the cost-of-living. Many people feel anxious, overwhelmed, or sad when they see the daily expenses.
Research conducted by BHN and Sapio in conjunction with the 11th Cycle to Work Day revealed some interesting findings.
Only 23 percent of respondents knew their exact commuting costs, a large majority of them unaware of how much they could save.
The cost of travel is increasing in all parts of the country
Commuting is a significant financial burden as travel costs are increasing across the country. Cycling to work last year saved employees on average PS750 per year. This year, the figures are higher at PS 1,262, and commuters in Greater London have an average of PS 1,600, up from PS 1,400 last year. Financial strains of commuting can evoke a variety of negative emotions. 59 percent of respondents expressed feelings of being overwhelmed by the expense of commuting.
Employers will face a major challenge in 2023: encouraging their employees to come to work more often. Cycling comes in handy here. Cycling to work is a viable option, especially since 97 percent live and work within the same area.
What can employers do to help?
Employers can encourage this change by offering salary-sacrificing schemes to make cycling to work affordable for their employees. BHN’s study shows that 27 percent believe cycling to work will help save costs. The West Midlands has the highest percentage at 34 percent.
Research shows that nearly half of employees (48%) would return to work if they were offered a Cycle to Work Scheme by their employer as part of the benefits package. Cyclescheme is the UK’s largest Cycle to Work Provider, and part of BHN Extras, an employee benefits platform. Staff can save between 25 and 39 percent on bikes and other accessories. One in five respondents said that this scheme would eliminate the biggest barrier to cycling to work, which is not having a bike.
Employees are looking for ways to reduce the cost of their travel, as commuting is still a necessity. The increasing cost of daily train tickets has led to 85 percent of commuters seeking alternative options. Over half of commuter employees (55%) have changed their daily commute or are considering it, and 60 percent of them chose a different method of transportation.
Cost-cutting
To save money, nearly a quarter of respondents (23%) have begun walking or cycling instead of using public transport or cars. A majority of commuters (56%) have either started to cycle or are considering it, due to the savings. The number of commuters cycling to work has increased from 47 percent in the previous year. In Greater London, it is even higher, at 68 percent, compared with 63 percent.
Adrian Warren, Director of Cyclescheme and Chair of the Cycle to Work Alliance at BHN acknowledged the financial challenges that many face and explained how employers are the key to finding a solution. BHN Extras offers a salary-sacrifice scheme that reduces bike costs significantly. Employers can eliminate a major barrier to cycling to work by implementing this scheme.
The 11th Cycle to Work Day is a reminder to commuters to think about the many benefits of cycling to and from work. Not only will it improve their health, but also their wallets. The UK can save money by choosing this environmentally-friendly and cost-effective form of transportation. This will help to ease the financial burden caused by the current cost of living crisis.
Employers are able to play a key role in encouraging the shift to cycling by including Cycle to Work Schemes within their benefit package. This will encourage employees to return to work and contribute to an environmentally sustainable and cost efficient future.
