Transport beats rent as worst expense for Londoners

22-02-2008 09:53

* 45% of Londoners find transport the most discouraging expense of living in the City

* New Years resolution to review transport use could net £5000 a year

London, 21 Feb 2008 - It's official: Londoners confirm transport expenses are the most discouraging expense of City living, compared to rent, eating out and house prices, according to a poll by YouGov, commissioned by the world's largest car sharing club, Zipcar. The research revealed that nearly half of Londoners (45%) believe transport - including car ownership, car parks, parking fines and public transport is the most discouraging expense, with 39% citing rent and property prices.

The research also looked at what Londoners would do if given an extra £500 a month, just £50 more than the amount Zipcar estimates Londoners spend on car ownership*.

Surprisingly over 70% would invest in savings, almost twice the number that would spend it on holidays (39%) and more than four times the number who would spend it on partying (15%) and/or charity (14%).

And bucking the stereotype 41% of female Londoners said they would spend an extra £500 a month on home improvements, with 39% preferring holidays.

Paul McLoughlin, general manager of Zipcar UK, said: "Londoners are put under financial pressure living in the second most expensive city in the world, fuelled by the priciest transport system on the planet. It is clear that Londoners resent paying a lot of money for travel and are keen to make savings wherever possible. With car related costs averaging £450 a month, Londoners can really make a saving by deciding to relinquish owning a car, as well as actively control their carbon footprint."

"This time of year is great to set resolutions and for Londoners to take a look at how to save money on their transport expenses.