Many employees missing out on saving more than £1,199 a year on travel costs – London Business News | London Wallet

New research for Bike Week has revealed that 64% of UK employees have a cycle to work scheme, but only 25% of them are using it.

Amidst a 5.9% increase in train commuting costs earlier this year, the financial strain faced by many Britons has intensified, but according to new data from Sodexo Engage, only 11% of UK employees surveyed are currently choosing to cycle to work, one of the most cost efficient forms of commute.

Despite the potential for significant savings, a considerable number of UK employees are not yet taking advantage of Cycle to Work schemes. With an average of 3.15 commuting days per week and an average cost of £7.93 per commute, respondents were spending an average of £24.97 on commuting expenses each week. Over the course of a year, this accounts to a staggering £1,199.016 per employee. Notably, for those in London, the figures skyrocket to £1,577.016, making it the most expensive commute in the UK.

Graham James, Director at Sodexo Engage, said “Cycle to Work schemes can help employees save on increasingly expensive commutes. But clearly just having a scheme doesn’t guarantee take up, as our research shows. It’s important that employers are communicating these benefits and making it as easy as possible for employees to make use of them in order to gain those all-important savings.”

With a Cycle to Work scheme, employees can save up to 42% in tax and NI contributions and spread the cost across 12 – 18 months, making it a much more affordable alternative to a costly commute. Moreover, once the bike has been fully paid off, employees can continue to enjoy savings without any additional expenses. In addition to these benefits, cycling to work can boost an employee’s mental and physical wellbeing, as well as being a much greener option than other modes of transport.

When asked why they didn’t want to cycle to work, 33% of respondents were concerned about the distance between their place of work and home, while another 14% said their workplace didn’t have the facilities to allow them to shower when they arrived.

Graham continued, “The reasons given as to why people aren’t cycling to work shows a clear need to empower employees to help them realise that cycling to work is a viable option to offset the cost of commuting. This will require a holistic approach from HR and business leaders, encouraging employees to take up cycling and make full use of the Cycle to Work benefit.”