Londoners think transport beats rent as worst expense

(eTN) – Forty-five percent of Londoners find transport the most discouraging expense of living in the city, a new survey has revealed.

A survey conducted by Zipcar, a growing car club with more than 180,000 members and 5,500 vehicles in major metropolitan areas and university campuses, including Boston, New York, Chicago, San Francisco, Washington, DC, Vancouver, Toronto and London, England, has confirmed that Londoners find transport expenses the most discouraging expense of city living, compared to rent, eating out and house prices.

This finding was the result of a poll conducted by YouGov and was commissioned by the Zipcar. “The research revealed that nearly half of Londoners believe transport – including car ownership, car parks, parking fines and public transport is the most discouraging expense, with 39 percent citing rent and property prices,” Zipcar said in a release.

According to Zipcar, the research also looked at what Londoners would do if given an extra £500 (US$1000) a month, just £50 (US$100) more than the amount Zipcar estimates Londoners spend on car ownership. “Surprisingly over 70 percent would invest in savings, almost twice the number that would spend it on holidays (39 percent) and more than four times the number who would spend it on partying (15 percent) and/or charity (14 percent).

“And bucking the stereotype 41 percent of female Londoners said they would spend an extra £500 (US$1000) a month on home improvements, with 39 percent preferring holidays.”

“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,” Paul McLoughlin, general manager of Zipcar UK, said. “It is clear that Londoners resent paying a lot of money for travel and are keen to make savings wherever possible.”

He added, “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.”

The study also found 22 percent of London women considered the expense of public transport most discouraging, as compared to 16 percent of the men polled; and 29 percent of 18-29 year olds are more likely to spend an extra £500 (US$1000) on home improvements (26 percent) as compared to 24 percent who would spend the cash on socializing.