With car insurance sky high and education and living costs increasing, research shows that over one in five under 25s (22%) cannot afford to learn to drive.
Insurance is a further barrier. With the average cost of car insurance costing around £1400*, and rising to £3878 for a 17 to 20 year old driver, it’s no wonder that this demographic is struggling. An online petition recently achieved over 180,000 signatures calling for car insurance for 18 – 25 year olds to be capped at £1200 a year.
Buying and running a car is the final nail in the coffin for young drivers. 22% of under 25s in the Opinium survey, commissioned by InsuretheGap, a new independent provider of vehicle GAP (Guaranteed Asset Protection) insurance, said that without the bank of mum and dad, or a loan, a quarter are unable to buy a car, and 24% said they would like to buy a car but would be unable to cover the running costs, i.e., the insurance, road tax and fuel.
A 2016 survey for the Money Advice Trust found that more than a third of young people have debts of almost £3,000 and experience significant concerns about money.