New research from the Blackhawk Network Extras finds that commuters are switching to cycling to work to help navigate the cost-of-living crisis
Cycling to work could save commuters £750 each per year, helping households manage expenditure as they navigate the ongoing cost-of-living crisis. This could provide an important saving for many.
The cost of travel to work, including fuel prices, is cited as a top concern for almost two-thirds (64%) of employees, second only to utility bills (70%). But despite these worries, almost a quarter (25%) of commuters are not fully aware of the annual savings they could make through the simple transition to cycling.
The findings come from research conducted by Blackhawk Network Extras, in partnership with Sapio to mark the upcoming Cycle to Work Day on 3 August 2023.
Getting on your bike
Cycling is gradually becoming the transport method of choice for people up and down the country. And as the average commute is just five miles or less, getting in the saddle is more achievable than many might think. In the couple of years, over one in ten commuters (11%) began cycling to work, and a further 36% are actively considering it.
However, while cycling is a great way to stay in shape, many people are getting on the saddle because of the rising cost of living. Two-fifths (40%) of those who travel to work by car or motorbike, and 82% of people travelling by train, have noticed a significant increase in the average daily cost of travel compared to a 2021. Almost half (46%) of respondents say they would prefer to cycle to work than spend money on travel. And of those who have started or are considering cycling to work, 67% state this is to decrease travel costs.
Employers must get the wheels in motion
With over half (54%) of employees considering changing their mode of transport to work, employers need to take note and make it easier for staff to access cycling equipment. Especially given that, as we found earlier this year, 85% of employers agree that they have a duty to support their employees as the cost-of-living rises. This is where offering payroll benefit Cyclescheme – part of the Blackhawk Network Extras employee benefits platform, can help by saving staff 25-39% on a bike and accessories.
This benefits-based support can be a strategic win for businesses that are having trouble persuading staff to return to the office. Almost half (49%) of employees state they would be encouraged to come into the office more if their employers offered the Cyclescheme as part of their benefits package.
Using our Cycle To Work Day calculator, find out how much you could save here.
Blackhawk Network Extras is a leading, cost-effective, employee engagement and benefits platform. It’s a simple, straightforward, no-hassle way to offer employees a comprehensive range of flexible, personalised workplace benefits that support their mental, physical and financial wellbeing. Benefits include Cyclescheme, Techscheme, Byond cashback card, Extras Discounts, MyGymDiscounts and more.
