This Is How Much We Spend Every Month On Subscriptions We’ve Forgotten About
Memberships to the gym, access to on-demand television, payments to magazines that are being sent to an old address – it can be quite difficult for consumers to keep a track of every subscription they are paying for every month. It shouldn’t come as much of a surprise, therefore, that the overall cost of what people spend on forgotten subscriptions in the United Kingdom is enormous. But we didn’t expect it to be this big.
It turns out that £338 million pounds is spent by Britons on unused subscriptions every month. Not every year. Every month. The figure was produced by Top Cashback, who also revealed that 42 per cent of the people living in the United Kingdom are contributing to this overall sum in one way or another. The most common types of subscriptions that have been forgotten by people are gym memberships that no longer get used (55%), magazines and newspapers that don’t get read (22%), streaming services like Netflix and Amazon Prime (20%).
It has sometimes taken us much longer than we might think to notice we are paying for subscriptions we don’t use. The survey has discovered that close to 30% of the people involved only noticed they were wasting money after four months, while 16% didn’t notice until over a year later.
Natasha Rachel Smith, Consumer Affairs Editor for TopCashback, said: “Our research highlights that as more and more services become available to us, the costs are going unnoticed in our bank accounts. However, whether it’s an often-used subscription, or a newbie, it’s important to review any subscription fee each month and ask the following questions: do I still use this service? Has the cost increased? Can I still afford it?”
Consumers should be mindful of subscription services that promise a free trial and then charge once a period of time has expired (usually 30 days). It is recommended that you use your smartphone or tablet to add the expiration date to a calendar, and set an alert for a few days beforehand so you have ample time to cancel if you don’t want to use it. It is also worth keeping a regular check on your bank account to see exactly what is going out.