A new study from findandfundmycar.com has revealed that millennials (17-24) saved on average £104 a month on fuel between March and August – meaning that after 4.4 years of working from home, they’d be able to afford a house deposit for the average UK house*.
This means that if a 17-year old got a remote job at 17, millennials would be able to purchase a house of the UK average house price by the age of 22 with no help from the ‘bank of mum and dad’.
The survey of 2,000 British drivers also revealed how millennials have been spending the money they saved, and it shows that most have been either saving it, or spending it on food or drink. They were given the option to select more than one:
|Item / Activity||% Who Spent|
|Put towards savings||45%|
|Food and drink||40%|
|Paying off bills / debt||28%|
|Purchased items for the home||25%|
|Purchased items for yourself||21%|
|Purchased items for family||21%|
Besides money, the survey also found that millennials saved more time weekly by ditching their commute: 28% said they saved 1-3 hours a week by working from home, compared to 24% for over 55s.
Instead, 54% of respondents from the survey has said that they’re going to put the time and money on commuting on leisurely trips and staycations instead.
This is reflected by the 11% that have said they want to upgrade their car next year, as well as sales data from MotoNovo Finance who power findandfund, which shows a 17% increase in finance agreements post-lockdown (July-Oct) in comparison to last year.
Phil Morgan, Head of findandfund.com, says:
“As drivers are spending less money on fuel, we’re not surprised that car sales have gone up. Many people could be upgrading their cars because they feel as though they’re going to be spending less on them throughout the year, although still using them for more personal trips like staycations and social activities.
The amount of time and money that can be saved or spent elsewhere from not commuting is great, and it really helps employees get a better work-life balance.
More people are avoiding public transport right now, which is another reason for the increase in demand for used cars over the past couple of months.”
While there’s no sign Brits are abandoning their cars, the time and monetary savings means that Brits might be tempted to stay out of the office – at least part time – long after lockdowns end.