More than a third (36%) of Brits have given up fitness memberships due to cost-of-living concerns, as new research highlights the difficult decisions faced by consumers.
A study among more than 2,000 consumers by IWG, found that Gen Z and Millennials have been hardest hit.
Half (50%) of 25-34-year-olds have cancelled fitness memberships as a result of rising costs, rising to 56% for 18-24-year-olds.
Two-fifths (40%) of Brits said that their fitness memberships had increased in price over the past year, with a third (36%) expecting further rises in 2023.
More than a quarter (28%) say they will struggle to exercise without access to a gym or pool, rising to 44% of 18-24-year-olds and 46% of 25-34-year-olds.
The research shows that there is a rising expectation for employers to provide greater support to employees helping them mitigate rising costs through workplace benefits. 50% of those surveyed said they’d like their employer to provide discounted or subsidised fitness membership as a perk, but just 15% currently receive such a benefit.
This rises to 70% of 18-24-year-olds, and 64% of 25-34-year-olds, demonstrating the importance of workplace benefits to attracting the best talent amidst the cost-of-living crisis.
And this isn’t limited to fitness. Research by IWG found that 70% of office workers say a good workplace benefits package has become more important to them in the last two years, and almost one in five (18%) have increased the benefits they use.
IWG, which includes brands such as Spaces and Regus, has partnered with flexible gym provider Hussle to provide customers access to world-class fitness facilities as a workplace benefit. Membership offers workers over £1,200 per year of savings, allowing free access to thousands of gyms around the UK via Hussle’s network.
IWG customers will also be able to book a free annual health assessment through Bupa. Designed to give people a better understanding of their health and wellbeing, new and renewing customers will also receive a personalised health report following their assessment and free access to Bupa’s healthcare and wellbeing app.
These partnerships build on the wellbeing benefits hybrid working naturally offers with workers able to take advantage of the time saved by working closer to home to find time to run, workout, or socialise with family and friends.
IWG Founder and CEO Mark Dixon commented: “These partnerships mean private health care and gym membership do not need to be the reserved of privileged few. I’m pleased our new partnerships with Hussle and Bupa will provide our customers in the UK a helping hand to stay fit and healthy in 2023 while so many face rising financial pressures”.
“Now customers across all our brands including Regus and Spaces will not only have access to these benefits but their existing ones too including member events, networking opportunities and access to the world’s largest co-working network”.