A recent study highlights financial barriers to bike ownership in the UK.
- 49% of UK consumers cannot afford to buy a bike outright.
- 25% of these individuals need at least six months to save for a bike.
- 50% would consider splitting the cost to facilitate purchase.
- Cost and accessibility are significant barriers to cycling.
In a study by BHN Extras, it was revealed that nearly half of UK consumers are financially unable to purchase a bicycle outright. This statistic underscores the economic challenges many face in prioritising sustainable and healthy commuting options.
A significant portion, comprising 25% of consumers, indicated that saving for a bike would take a minimum of six months. This highlights a substantial financial commitment for many households looking to incorporate cycling as part of their routine.
To navigate the financial hurdle, 50% of those surveyed are open to the idea of splitting the cost, which could potentially make bike ownership more viable for a broader population.
Despite these financial constraints, cycling to work is becoming more popular, with an increase to 32% in 2024 from 19% in 2023. This growth suggests a rising interest in eco-friendly commuting, although significant barriers remain.
The study also found that besides financial constraints, fitness (46%) and accessibility (25%) are other major obstacles preventing people from cycling to work. These findings suggest that initiatives to support potential cyclists could have a wide-reaching impact.
There is a noteworthy opportunity to expand cycling within the UK, as 42% believe it could be part of their commute. Employer support is a critical component, with 67% expressing increased likelihood to cycle if support was enhanced through workplace schemes.
The typical demographic for cyclists in the UK is predominantly younger, aged 18-24, male, and based in Greater London. However, 58% of respondents feel they do not fit this demographic, highlighting a need for broader inclusivity in cycling initiatives.
Many of those who cycle have discovered multiple benefits, including mental health improvements, with 47% recognising the positive impact on their well-being. This stands as a testament to the broader benefits cycling can offer beyond mere transportation.
As Adrian Warren from BHN Extras notes, there is a confluence of opportunity and challenge, given the 25th anniversary of The Cycle to Work Scheme and the upcoming Olympic year. Challenges such as upfront costs, fitness levels, and demographic perceptions must be addressed to harness cycling’s full potential.
The increasing interest in cycling presents significant opportunities, yet financial and accessibility barriers must be addressed.
