Brits blow £3bn on unused subscriptions
Almost three-quarters (73 per cent) of UK adults are currently paying for subscriptions and memberships, with 54 per cent adding at least one service since the start of the pandemic.
The cost of these subscriptions averages out at £17.65 per person each month – or £7.9bn across the population.
However, the research by TopCashback found almost half (48 per cent) of people are paying for something they haven’t used regularly in the last six months, with each person wasting £105, or £2.9bn collectively.
While half of Brits said they relied on subscriptions to access content and entertainment during lockdowns, almost a third (32 per cent) intend to cancel some or even all of their subscriptions now restrictions have been lifted.
TV and music streaming services – such as Netflix, Amazon Prime and Spotify –were the most popular subscription services in 2021.
Food delivery subscriptions – including Gousto and Hello Fresh – also gained popularity, as did delivery subscription services such as Amazon Prime and ASOS Premier.
Adam Bullock, UK director at TopCashback, said: “With many months of lockdown or restrictions now behind us, it makes sense that Brits would now decide to cull a few subscriptions or memberships. Although these may have proven useful, entertaining, or convenient over the past year, it’s easy to forget or ignore the potentially large expense that racks up and gets taken out of our bank accounts each month.”
To save money, Bullock said people should review their subscriptions and memberships to ensure they’re getting value for money and keep an eye out for when free trials come to an end.