Millennials & Driving A Survey Commissioned by Zipcar November 2010

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

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.

Is Digital Revolution Driving Decline in U.S. Car Culture? Sources: Department of Transportation Federal Highway Administration's National Household Travel Survey Census data Article: http://adage.com/digital/article?article_id=144155

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

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

Millennials are Choosing to Drive Less 45% 40% 31% 24% Strongly 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 Somewhat Agree

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% Strongly Agree Millennials Want Transportation Alternatives Somewhat Agree

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.

In todays economy, it can be difficult to own a car because of the high cost of gas, parking and maintenance. 80% 71% 76% 68% Strongly Agree Cost Of Car Ownership A Key Barrier Somewhat Agree

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% Strongly Agree A New Way of Socializing Somewhat Agree

I want to protect the environment, so I drive less. 45% 39% 37% 42% Strongly Agree Thinking Green, Driving Less Somewhat Agree