Consumers are getting better at cancelling unused subscriptions, yet people still waste around £448 million each month.
Research by Top Cashback says gym memberships and entertainment packages are the most commonly wasted subscription packages, with half of people holding a gym membership failing to use it.
The amount of cash spent on unwanted subscriptions has risen by £3.38 in the past year to reach an average £18.62 per month. This means consumers collectively waste £448 million every month on these packages.
However, the proportion of people who say they waste money on subscriptions has decreased from 42% to 37% in the past year, suggesting consumers are now better at cancelling services they no longer want.
Most unused subscriptions in 2017
- 1. Gym memberships (50%)
- 2. TV streaming plans (21%)
- 3. Credit reports (17%)
Other unwanted subscriptions include music streaming services, club memberships and product delivery services. Yet 43% of people surveyed said that despite the poor value, cancelling is too much hassle.
“Consumers are frittering away cash”
Natasha Rachel Smith, consumer affairs editor for Top Cashback, says: “While these services might seem necessary in an on-demand world, people are not always getting their money’s worth.
“Consumers are frittering away cash when Netflix accounts go unused in the summer, Spotify is used only for the daily commute or the amount of products ordered from Amazon Prime do not justify the annual fee.”
“With the increasing number of services available it is easy to get carried away, making it important to keep track and review all of the subscriptions you sign up to, considering whether you need them or are using them regularly enough.”