Tips for tackling the rising costs of staying fit
A survey by Lloyds Bank has shown that while more and more people in Britain are turning to exercise for its physical and mental health benefits, financial considerations are becoming an increasing constraint.
According to Lloyds data, there’s been a 24% increase in spend on fitness between 2022 and 2024, However, for 29% of people, the membership fees associated with sport and exercise remain a consideration, with a quarter (25%) of the younger generation (18 to 24-year-olds) saying it means they’ve changed how they get their physical activity in.
While Lloyds’ research shows there’s plenty of resilience among sports enthusiasts, with 35% saying rising costs haven’t affected how much they participate, for others it's important to make smart lifestyle choices to help with the cost of staying fit.
Staying active can cost money, but the benefits are priceless. Exercising isn’t just about physical health, it’s about how it makes you feel. From the 63% of people who report feeling energised, to the 44% who credit it with increased confidence and the 38% who feel empowered, participation pays dividends in every aspect of life. You don’t have to throw in the towel or jump through hoops if costs are making things difficult – there are plenty of solutions to help you stay fit and stick to your budget.
Ola Majekodunmi, Lloyds Money Expert
Ola Majekodunmi, of Lloyds Bank, has some interesting tips.
When it comes to gym memberships, a staple of many people's fitness regimes, she suggests that instead of committing to a full membership, it's best to check discount trial periods to explore what you truly enjoy before committing to a full membership. People should also look out for seasonal promotions (especially after the festive season, for example) or club open days.
And there are plenty of cheap, or even free options as well. YouTube fitness videos are a great way to get in your daily exercise on your own timetable. Open water swimming is usually free, while community sports programmes, public courts and local running clubs provide access, at a reasonable price, and often for free.
Some sports do demand an initial investment in equipment, however, and 31% of people say that kit and equipment costs are their biggest spend. Ola points participants to second-hand marketplaces, with sites like eBay or Vinted offering pre-owned fitness gear at a fraction of the cost of buying new. If your sport requires more specialist gear like cycling or golf, consider renting equipment before buying it outright.
When it comes to team sports - Lloyds' research shows that 79% of people oin the UK think of organised team games as the true definition of sport - it's no always necessary to join a club. Getting a group of friends or work colleagues togethr for a game of 5-a-side football in a local park or organising a weekly run costs nothing.
While the financial cost of sport is a consideration, there are many affordable ways to stay active. With mindful budgeting, and a little creativity; everyone can tap into the life-changing benefits of regular exercise without breaking the bank.
Ola Majekodunmi, Lloyds Money Expert
Header image: Greg Rosenke / Unsplash
