Britons wasting £1.6billion on unused subscriptions like gym memberships they don’t use and streaming services they don’t watch
If you have a gym membership that you rarely use or haven’t canceled your TV subscription yet, you’re not alone.
It could be a case of canceling a gym membership that is rarely used or a TV subscription that is not watched.
Britons typically spend £123.40 a year on unused subscriptions; Automatic renewals are cited as the primary reason why unwanted contracts persist year after year.
A study has found that around ten million of the 155 million active subscriptions are considered spam, costing UK consumers a total of £1.6bn a year.
13 million of us ‘accidentally’ signed up for some form of paid membership in the past 12 months, wasting £688 million on unused services.
Research by AI search engine website aiseo.co.uk found that auto-renewal is the most common reason for spending hard-earned money on services we don’t actually use.
It found four in ten Britons made a mistake with the payment method where customers’ contracts are automatically renewed when they expire unless the consumer specifically contacts the company to cancel.
The report shows almost the same number of Brits (39 per cent) are left out of pocket because they forgot to cancel free trials.
Britons typically spend £123.40 a year on unused subscriptions such as rarely used gym memberships (file photo)
Other sources of waste include streaming services like Netflix or Amazon Prime (file photo)
An AI SEO spokesperson said: ‘Most people assume their expenses are high, but these figures show small monthly fees are easily overlooked.
‘A £10 streaming service here and a £7 app there could quietly grow to over £100 a year without anyone noticing.’
Researchers found that millennials ages 29 to 44 are the most likely to pay for services they don’t use.
The report stated: ‘Anyone concerned about hidden charges can start by checking their bank statements for recurring charges they no longer recognize.
‘Most banks now allow customers to view active direct debits and standing debits through their apps.
‘Canceling directly with the provider is usually the quickest way, but consumers can also ask their bank to block future payments if a company makes cancellation difficult.
‘With the government’s proposed crackdown on subscription traps expected to introduce clearer cancellation rights, now is the time for a full subscription audit.’
