Goldman Sachs says British people don't want to drive cars anymore

Ford CapriFordEverything you need to know about the 70s in one ad.

For people growing up 20 years ago, it was a time-honoured right of passage: The day you finally passed your driving test. If you saved up enough money, maybe you could get your own second-hand Ford Capri.

Not anymore.

Teenagers are increasingly disinterested in learning to drive, according to data from Goldman Sachs.

The investment bank prepared this chart — based on stats from the Department of Transport — showing that younger British people are much less likely to apply for a driving licence, compared to their parents. Goldman suggests that the problem is that the average amount of time people in the UK waste in congested traffic is about 150 hours a year — twice the number than in the US. The average Londoner wastes 250 hours a year in traffic.

That, combined with online delivery (like Deliveroo and Just Eat) and ride-sharing services (like Uber), have made getting your own car a lot less appealing for da yoofs. In the 1990s, nearly half of teenagers had licenses. Now, only a third do. There has been a marked decline in licence-holding for everyone under 40.

Old people, however, still love to drive.

Here’s the chart:

NOW WATCH: The median sale price of a Manhattan apartment is now $1.15 million

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.