£150 wasted every year on unused subscriptions

Gym membership

Some 42% of Brits have continued to pay for at least one subscription they don't use, a new survey has revealed.

We're each wasting £150 a year on average, or £12.57 a month, on things like unused gym membership, TV and music streaming services and credit reports, according to research by TopCashback.co.uk.

More than half (55%) of us have forgotten to cancel gym memberships, while 22% carry on paying for newspaper and magazine subscriptions and credit reports. A fifth don't cancel TV streaming services, while 15% pay for music streaming services they no longer use.

Unnoticed costs

Consumers also need to take care when taking out free trials, with 44% forgetting to cancel theirs before they were charged. Even a calendar reminder to cancel was not enough to make 29% of respondents stop their direct debit or standing order.

While 27% of Brits will continue to pay for subscriptions they hardly use for at least four months, 16% carried on paying for more than a year. And a quarter keeping on paying for subscriptions without realising they have gone up in price.

Even more surprising is that 5% of people continue to pay for subscriptions they took out for an ex-partner.

Women are worse than men when it comes to shelling out for unused subscriptions, with 45% paying for unused services compared with 38% of men.

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?"