Popularity Of Cycling For Commute Grows Due To Cash Concerns

In a bid to get to grips with their money management, an increasing number of people are looking to make use of two wheels instead of four, it has been reported.

Research carried out by Sainsburys Home Insurance indicates that as the financial crisis rumbles on, a significant proportion of Britons are attempt to reduce the amount of money they spend getting to and from work by using a bicycle. This, the financial services provider points out, is in opposition to getting on public transport or using a car. Overall, it was revealed that 12 per cent of working people are now commuting on two wheels.

And doing so appears to generate significant savings, with Sainsburys reporting that getting to the workplace by bicycle saves the typical consumer just over 33 pounds every week.

By making such savings on the amount of money spent on transport, it could be possible that consumers find that they are able to manage other financial commitments with greater effectiveness. This could result in payments on credit cards, utility bills and personal loans becoming easier to deal with.

Indeed, the financial services provider states that there are more than just financial benefits to using a bicycle for the daily commute, pointing out that doing so can help to improve consumers personal fitness levels in addition to being kind to the environment.

However, it was stated that in spite of the money-saving benefits to biking, it was reported that without taking the time to protect their form of transportation, consumers could be putting their finances under pressure in the future. Pointing out that more than 1,200 bicycles are stolen each day, the group urged people to take security into account when purchasing a bike. “Overlooking their bicycles security could end up costing them dear if its stolen, which is certainly a false economy, never mind undoing their good intentions,” the firm claimed.

Neil Laird, manager for Sainsburys Home Insurance, said: “Using a bicycle to travel around can be a very effective way of saving money. However, with thousands of bicycles being stolen in the UK each week, it could soon turn out to be a white elephant, costing you far more than you expect if you havent secured and insured it properly. Its important to make sure that your home insurance policy covers your bicycle.”

In addition to taking out insurance – whether this is through purchasing additional personal belongings cover with home contents insurance or buying separately – bike enthusiasts were also urged to ensure their vehicle is tagged and while not in usage is kept in a secure shed or garage.

Budding Chris Hoys and Lance Armstrongs looking to purchase a top of the range bicycle might want to consider applying for a quick personal loan. The financial assistance on hand with a loan could also help them to purchase comprehensive insurance in addition to investing in security measures such as padlocks. A loan could also help football fans wishing to get behind their team after Virgin Money revealed in October that the cost of going to a live game has increased by 36.25 per cent since the beginning of 2006, with tickets, replica shirts and other matchday expenses now costing an average of 106 pounds and 21 pence.

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