A change as simple as taking up cycling to work could provide Wales-based employees with an average annual saving of £1,309 – an increase of over £609 in the last year alone. Such crucial savings come at a time when the country is facing a cost-of-living crisis, leaving many concerned, anxious, and annoyed over the cost of travel. These findings come from research conducted by the BHN in partnership with Sapio for the 11th Cycle to Work Day.
Simple changes for mega savings
For those up and down the country worried about the unnecessary additional burden brought on by travel during these challenging financial times, hundreds of pounds of savings will be warmly welcomed. However, according to BHN’s recent research, not even a quarter of people (23%) were fully aware of how much they spend commuting and therefore the majority, do not know the extent of the savings that could be made.
With costs for everything rising around the UK, travel has been no exception. Last year, on average, employees could save £750 a year by cycling to work. This year, that has skyrocketed to £1,262, a figure which increases to £1,600 for those commuting within Greater London – compared to £1,400 last year. The expenses brought on by commuting cause a wide range of negative emotions, with 3 in 5 (59%) respondents saying they feel overwhelmed, anxious, annoyed, angry, sad, or worried about the costs.
You can get your staff back into the office by putting wheels in motion
A key focus for employers in 2023 is trying to persuade their employees to return to the office more often. Most of the respondents (97%) live and work within the same region, which makes cycling eminently possible.
Employers can encourage this shift back to the office by offering their staff salary sacrifice schemes that will help them cycle to work more often and significantly cut their travel costs. On average, over a quarter of employees (27%) say that cycling to work can help them reduce costs – with this number highest in the West Midlands (34%).
In fact, BHN’s survey has found that almost half (40%) of employees based in Wales would be more likely to come back into the office if their employers offered a Cycle to Work Scheme as part of their benefits package. Cyclescheme, the UKs leading Cycle to Work Provider – part of the BHN Extras employee benefits platform – 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.
People want to get on their bike
With commuting still a necessary part of many people’s weeks, employees are re-examining their travel options, looking for ways they can cut costs. This includes the 85% of train commuters who have noticed an increase in the average daily cost of train tickets compared to a year ago. Now, more than half (55%) 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.
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. 46% of Wales-based commuters have started or are considering cycling to work, with the cost of the travel as the main reason. This is an increase from 47% last year.
Adrian Warren, Chair of the Cycle to Work Alliance and Director of Cyclescheme at BHN said, “Financially, this has been a troubling year for almost everyone in the country. With the costs-of-living rising universally, employees are looking for ways to save money, and travel costs are an easy target. Fortunately, for employers who are trying to get their employees back into the office – they hold the keys to the solution. This year is the 11th Cycle to Work Day, a day that has helped millions of commuters get on their bikes. By slashing the costs of getting a bike through this salary sacrifice scheme, BHN Extras is removing one of the biggest obstacles stopping employees cycling and helping to fill up offices again.”
