An estimated 83% of consumers have not redeemed £4.25bn worth of gift vouchers, credit notes, loyalty points and air miles, according to new research from personal finance website MoneyExpert.

Although many consumers find themselves drawn to products and services because of rewards offered through loyalty schemes, many of them fail to cash in on the rewards after purchasing the product, MoneyExpert says.

More than half of British adults have accrued points on reward credit cards, worth an average of £42, while 20% have yet to redeem their air miles, typically worth £162.

Sean Gardner, spokesperson for MoneyExpert, said: “It’s fairly typical for a company to offer customers an incentive to join their club. Whether its reward points in a supermarket or air miles for choosing a specific airline, loyalty is meant to pay.

“However, our research shows that while these schemes are a clear incentive to buyers, we as customers do not fulfil our end of the bargain and spend our hard earned rewards. This means providers have won twice by getting your business and then not having to reward your loyalty as agreed.”