Typical subscriptions include TV and music streaming services, gym memberships, food and alcohol subscriptions, beauty subscriptions, and news and media.

According to a study by Wealthify, 10.2 million (19.3%) Brits have paid fees unknowingly due to not cancelling free trials or failing to read the terms and conditions. 

For those who pay a monthly subscription, the wasted annual spend totals £118.80 per person.

Among those who have been charged unexpectedly, half (52%) believe it was due to letting a free trial run over. A fifth (20%) said they didn’t know they had to pay a fee, whilst a further fifth (20%) claimed the company introduced fees at a later date.

On average, those who have been charged without knowing say it has happened to them on two occasions in the past five years. It appears that this is a particular problem for younger adults, with under-35s likely to have been charged without knowing on an average of two occasions, compared to once among 55 and overs. 

Wealthify found there appears to be a correlation whereby younger subscribers tend to be less likely to read terms and conditions when they take out subscriptions. About 4.4 million (30%) adults under 35 say they never read terms and conditions, compared to 16% of 55 and overs who do the same.

Of those who pay for any monthly subscription, it is estimated they spend on average £9.90 per month on subscriptions they don’t use or rarely use – equalling £118.80 per year. 

This figure is considerably higher among men than women (£11.10 vs £8.80), and among younger adults than 55 and overs (£12.90 vs £7).

TV streaming services are by far the most popular monthly subscription product. Almost half of UK adults (47%) say they pay for Netflix or other TV streaming services every month. This figure is considerably higher among those under 35, with 57% of this age group signed up.

Completing the top three most popular subscriptions are music streaming platforms (20%) and gym memberships (12%). 

Andy Russell, CEO at Wealthify, said: “As we enter a new year, people will undoubtedly be looking at monthly expenditure. With so much going on in daily life, it is no surprise people miss those warnings to perhaps cancel a free trial or even have the time to read the terms and conditions of a service thoroughly before they sign up.”