Cycling to work 'frees up more money to put in savings accounts'

Aussies have been urged to consider cycling rather than driving to work as this will leave them with more funds to put into their savings accounts.

According to the Bicycle Victoria's Ride On magazine, households that run only one vehicle rather than two could save up to $3.5 million over the course of their working lives, reports the Sydney Morning Herald.

"The yearly figures are impressive enough, but, when you calculate them over a longer period, the figures are astounding," said editor Stephen Huntley.

Calculations indicated that a 25-year-old who switches to a bicycle might have an additional $1 million in their savings account by the time they reach retirement age if they abandoned cars in favour of bikes.

The report suggested that the cost of commuting by bicycle each year comes to just $1,000, which may only barely cover insurance for an automobile.

Last month, managing director of Directorial Insights Helen Bakewell told the Sydney Morning Herald that Aussies are becoming increasingly careful with their money and are more inclined to put cash into savings accounts than blow it during a shopping spree.