Press release: SaverLife and FINRA Foundation release study on transportation realities for people living on low-to-moderate incomes
Research briefs explore the relationship between transportation costs and financial stability
SaverLife and the FINRA Investor Education Foundation (FINRA Foundation) have released new research on the transportation realities facing people living on low-to-moderate incomes. From gas budgets to time spent on public transit, the research findings reflect the complex, but often overlooked, financial choices tied to public and private transportation.
“Every aspect of our lives points back to finances,” Leigh Phillips, SaverLife’s President and CEO explains. “There are infinite choices that our members make every day to prioritize their financial health, and, as we’ve learned from our research, transportation takes up a major portion of the financial resources available to households living on lower-incomes.”
As a nonprofit and advocacy organization with a member community of over 600,000 people nationwide, SaverLife prioritizes the experiences and feedback of its members in its research initiatives.
Recognizing that in-depth research was needed to better understand how transportation costs can impede economic mobility, SaverLife and the FINRA Foundation conducted a study exploring the relationship between transportation costs and financial stability. The study, captured by a series of three briefs, covers a variety of topics, including: the relationship between transportation costs and financial health, how public transit falls short in alleviating the financial burden of transportation for lower-income households, and the relationship between transportation costs and financial health for people living with disabilities.
FINRA Foundation President Gerri Walsh notes, “Reliable and affordable transportation is an essential component of economic mobility. Far too many people, especially those with low incomes and those who live with disabilities, feel compelled to forego opportunities in life because the cost of transportation takes up an outsized portion of their monthly income. The research points to the need for new solutions. The cost of getting around shouldn’t get in the way of moving up the economic ladder.”
Highlights from the study include:
Thirty-nine percent of respondents report their lives are limited because they cannot afford adequate transportation, including over half (53 percent) of those with very low incomes and 33 percent with low incomes.
More than four in 10 (44 percent) of respondents have turned down or decided not to apply for a job because the transportation costs were too high, including 48 percent of those with very low incomes and 44 percent with low incomes.
Respondents with disabilities are 77 percent more likely than those without disabilities to say that unaffordable transportation has proved limiting to their life opportunities (53 percent vs. 30 percent, respectively).
Among those with access to public transit, nearly half (46 percent) say it is affordable, but only 15 percent use it to get to and from work each day. This underusage may be related to dramatically longer commute times and safety concerns.
Read the report
Visit https://saverlife-about.squarespace.com/changinglanes to read all three briefs plus additional information related to the study methodology and survey population.
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About SaverLife
SaverLife is a 501(c)3 nonprofit and advocacy organization that uses technology to improve the financial health of people living on low-to-moderate incomes. Through engaging technology, strategic partnerships, and effective public policy, we give working people the methods and motivation to take control of their financial future.
