Cycling to work could save commuters up to £750 each per year, according to new research from Blackhawk Network.
This would help households manage expenditure as they navigate the cost-of-living crisis, providing 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%).
However, 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.
Cycling is becoming more popular
Cycling is gradually becoming the transport method of choice for people up and down the country.
In the last year alone, over one in ten commuters (11%) began cycling to work, and a further 36 percent are actively considering it.
The average commute is just five miles or less, meaning getting in the saddle is more achievable than many might think.
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% percent 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 percent state this is to decrease travel costs.
How can employers encourage cycling to work?
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.
Also, 85 percent of employers agree that they have a duty to support their employees as the cost-of-living rises.
This is where offering a payroll benefit Cyclescheme can help staff start saving.
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.
Amelia Brand is the Editor for HRreview. With a master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.