Millennials & DrivingA Survey Commissioned by ZipcarNovember 2010

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

11

I want to protect the environment, so I drive less.

45%

39%

37%

42%

Somewhat AgreeStrongly Agree

Thinking Green, Driving Less