Cycling to Work could save employees up to £100 per month
As the cost-of-living crisis and high inflation continues to consume the nation, people are desperately searching for ways to reduce their daily spending. One area they might be overlooking? The daily commute. Whilst commutes have never been the dream, the numerous rail strikes and increased travel costs have transformed them into a complete ordeal.
BHN Extras has conducted its annual Cycle to Work Day report in partnership with Sapio to uncover how employers can improve these commuting issues for all. The research has found that cycling to work could help people save an average of £1,262 a year on commuting costs. In line with huge spikes in cost-of-living over the past year, this saving is £512 more than it was in 2022.
Within this, Extras found that fears over rising spending are infringing more and more on employee wellbeing, with many being left feeling overwhelmed, anxious, annoyed, angry, sad, or worried (59%) about the commuting costs. With such crucial savings potential at play, it comes as no surprise that 55% of employees have changed, or are considering changing, their daily commute. At Blackhawk Network, we want to help drive those considerations into action.
Cycling towards cost saving solutions
With costs for everyone rising across the UK, travel has been no exception. Over three quarters (85%) of train commuters have noticed an increase in the average daily cost of train tickets compared to a year ago. As a result, more than half of commuting employees have changed, or are considering changing, their daily commute – and for a majority (60%), this means using a different mode of transport. As nearly all commuters (97%) live and work within the same region, cycling has emerged as the most plausible alternative.
From what BHN has already seen, almost a quarter (23%) of respondents have started walking or cycling more than using a car or public transport in a bid to save money. This is only just the start of this transition, and it is clear that the cost of travel is driving it. In fact, 56% of commuters have started or are considering cycling to work, with the cost of the travel as the main reason. This is a huge increase from last year (47%), numbers which grow to 68% in Greater London, compared to 63% last year.
Why should leaders care about their employee's commute?
Caring about your team’s commute should go beyond quick pleasantries about how busy the Jubilee line was last week. Employees are calling out for help and guidance on how they can cut costs in today’s climate, and the stress is directly affecting their well-being. Taking proactive steps to tackle commuting costs is a great place to start addressing this.
The sad reality is that of those that do not cycle, a third of UK workers say that working from home is the best way to reduce travel costs – a clear indicator that the cost of commuting is impacting the workplace. Business leaders are looking for solutions to encourage their staff to come back into the office, even just a couple of days a week, with the aim of boosting team morale and overall productivity. And with almost half (48%) of employees expressing that they would be more likely to return to the office if their employer offered a Cycle to Work Scheme as part of their benefits package, it seems there is a clear solution.
Cyclescheme, the UK’s leading Cycle to Work Provider, can help staff save 25-39% on a bike and accessories. But most importantly, for 1 in 5, this would help remove the main barrier that stops them from cycling to work: they simply don’t have a bike.
Cyclescheme is part of the BHN Extras employee benefits platform. Find out more about Cycle to Work Day here.