Zipcar Millennials Survey
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Transcript of Zipcar Millennials Survey
22
Millennials Hit Hard by Recession
“Generation Y's steep financial hurdles: Huge debt, no savings”
• About 37% of 18- to 29-year-olds have been underemployed or out of work during the recession, the highest share among the age group in more than three decades.
• Only 58% of millennials pay monthly bills on time
• 60% of workers 20 to 29 years old cashed out their 401(k) retirement plans
• Nearly 70% of Gen Y members are not building up a cash cushion, and 43% are amassing too much credit card debt
• Millennials are graduating from college with an average of $23,200 in student debt
• This generation is the least likely of any to be covered by health insurance. Just 61% say they were covered by some form of a health plan,
USA TODAY article: http://www.usatoday.com/money/economy/2010-04-23-1Ageny23_CV_N.htm
33
Millennials Driving Decline of the Car Culture
•The share of automobile miles driven by people aged 21 to 30 in the U.S. fell to 13.7% in 2009 from 18.3% in 2001 and 20.8% in 1995
•The proportion of people aged 21-30 actually increased from 13.3% to 13.9%,
•So 20-somethings went from driving a disproportionate amount of the nation's highway miles in 1995 to under-indexing for driving in 2009.
3
“Is Digital Revolution Driving Decline in U.S. Car Culture?”
Sources:
Department of TransportationFederal Highway Administration's National Household Travel Survey Census data Article: http://adage.com/digital/article?article_id=144155
4
Driving Deeper: The Millennials Survey
• Online survey of 1,025 adults
• Ages 18 and over, including 966 licensed drivers
• Conducted between October 7 and 11, 2010
• Break out by age segments
– 18-34 years old: 287 drivers – Millennials– 35-44 years old: 218 drivers
– 45-54 years old: 178 drivers
– 55 years old or more: 283 drivers
5
Key Findings
• Millennials are consciously deciding to drive less
• A majority of millennials would reduce the amount of time they currently drive if alternative transportation options were available to them today
• The high cost of car ownership is making it difficult for millennials to own a car
6
Millennials are Choosing to Drive Less
45%
40%
31%
24%
Somewhat AgreeStrongly Agree
In the past year, I have consciously made an effort to reduce how much I drive, and instead take public transportation, bike/walk or carpool when possible
7
If there were more options in my area, such as public transportation, car sharing or convenient carpooling, I would drive less than I do now.
64%
55%
49%
41%
Somewhat AgreeStrongly Agree
Millennials Want Transportation Alternatives
8
If there were more options in my area, such as public transportation, car sharing or convenient carpooling, I would drive less than I do now.
Millennials Want Transportation Alternatives
67%
64%
Among post-college Millennials fully 67% would drive less if there were viable transportation alternatives.
9
In today’s economy, it can be difficult to own a car because of the high cost of gas, parking and maintenance.
80%
71%
76%
68%
Somewhat AgreeStrongly Agree
Cost Of Car Ownership A Key Barrier
10
With access to social networking sites such as Facebook and Twitter, text messaging and online gaming, I sometimes choose to spend time with friends online instead of driving to see them.
54%
46%
34%
18% Somewhat AgreeStrongly Agree
A New Way of Socializing