Almost half of the UK cannot afford to buy a bike outright

Ahead of Cycle to Work Day 2024, a new study by BHN Extras, has found that 49% of UK consumers are not currently in a position to buy a bike outright. A quarter (25%) of those consumers, also stated that it would take at least six months to save for one, with 50% stating that they would be most likely to purchase a bike by splitting the cost. 

Not having a bike impacts the choice to cycle to work for 22% of the UK, with 22% also stating the cost of bikes and accessories as a deterrent.  While the cost of bikes can act as a barrier, cycling to work is on the up. 32% of consumers currently cycle to work – a 13% increase compared to 2023 (19%). Research suggests this could be even greater in 2025 with a third (34%) of consumers currently considering introducing cycling to their commute. 

Knocking down the barriers 

For those who don’t currently cycle, besides a long commute, fitness (46%) and accessibility (25%) are the top barriers. But with nearly half of people (42%) believing that cycling could cover part of their commute, there remains a huge opportunity to get the nation cycling. And encouragement could come from unlikely sources – 67% of consumers say they’d be more likely to start cycling if their employer provided support.

However, with the typical demographic of a cyclist tending to be those who are younger (43% 18-24 yo), male (40%) and living in Greater London (39%), the majority of cyclists (58%) feel like they don’t fit the bill. But that shouldn’t become another barrier for cyclists to enjoy the benefits of cycling. 

BHN’s research found that three quarters (75%) of those who cycle agree that they discovered several more benefits since cycling than not and 47% of people believe that cycling will have the biggest impact on their mental health. 

Adrian Warren, Senior Director, Product Management, BHN Extras said: “It is clear that people want to cycle to work and with it being the 25th anniversary of The Cycle To Work Scheme and an olympic year – the timing could not be better. But there are also barriers that need to be addressed. Whether it’s the upfront cost of bikes, levels of fitness or feeling like you’re not the ‘typical’ demographic, cycling has significant benefits from better mental health and less impact on the environment.

“It’s interesting that so many people said they would be more likely to cycle if they had support from their employers. There is cost effective support out there that can help overcome many of the barriers. Cycle to Work Schemes for example, are offered through employment and help to spread the cost of bikes and accessories through salary sacrifices”Jason Robinson, OBE, Ex-England Rugby Captain and cycling enthusiast said: “Physical health  has always been a huge part of my life but it can be hard to fit it into a busy schedule. For many, cycling to work can be a convenient way to build exercise into their daily routines. Not fitting the typical demographic might be off putting for some but cycling is an activity for all, no matter where you live, your age or fitness ability – everyone can make the most of the many benefits associated with cycling

The post Almost half of the UK cannot afford to buy a bike outright appeared first on HR News.

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