Cycling to work could save commuters up to £750 each year, new research from the Blackhawk Network has found, helping households manage expenditure as they navigate the cost-of-living crisis.
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.
These findings come from research conducted by the Blackhawk Network in partnership with Sapio to mark the tenth anniversary of Cycle to Work Day.
In the last year alone, over one in 10 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 year ago. 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.
Blackhawk Network said: “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.”
Blackhawk Network Extras is an employee engagement and benefits platform, with benefits including Cyclescheme, Techscheme, Byond cashback card, Extras Discounts, MyGymDiscounts and more.