11th May 2015
The monthly collective cost of idle subscriptions across the UK has risen to more than £338m as Britons continue to pay for services they rarely use claims new research.
The analysis from TopCashback.co.uk revealed that an astonishing 42% per cent of consumers have continued to pay for at least one subscription they are not using.
In the some 55% of respondents said they still pay for dormant gym memberships, while 22% admitted they shell out for unwanted magazine subscriptions and credit reports.
In addition, 20% said they pay for TV streaming services they do not use and 15% said they stump up for unused music streaming plans.
Some 27% also said they continued to pay for a subscription they rarely used for at least four months, whilst 16% kept on paying for more than a year. Additionally it seems it is a lack of memory leaving Brits out of pocket as 44% admitted to signing up for a free subscription and forgetting to cancel before they were charged. A further 29% said they even forgot to cancel a subscription after setting a calendar reminder.
Other key findings included that women are slightly more forgetful when it comes to subscriptions as 45% continued to pay for a service they were not using, compared to just 38% of men while 5% have even continued to pay for a subscription they took out for an ex-partner.
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?
“When it comes to initially free subscriptions, especially those in which you have to enter bank account details, it’s worth setting calendar reminders or putting a post-it note on your fridge door well within the free trial period to ensure there’s plenty of time to review the service and cancel if necessary.”