Top 10 subscriptions adults waste their money on – including streaming services and music platforms
The average Brit pays out nearly £500 every year on subscription services.
A study of 2,000 adults found those who have TV and film subscriptions are spending as much as £300 a year to watch content on their favourite platforms.
And to have a world of music at their disposal, it’s setting those listeners back more than £200 annually.
While the average subscriber is currently signed up for four separate monthly services – with some of the more niche including candles, calligraphy, and even a Corgi model toy car subscription.
However, 45 per cent admit they have signed up to a plan using an introductory offer with the intention of cancelling as soon as it ends.
But for 63 per cent of these, it ended up costing them as they forgot to cancel in time – leading to them fork out an extra £30.
Many dread the cancellation process - so they stay subscribed
Jane Exon, spokesperson for Vision Express, which commissioned the survey, said: ‘‘With prices growing and the cost of living crisis, we know consumers are savvier than ever and looking to get much more for their money.
"It’s really fascinating to learn just how much a year we are putting aside for our favourite services – and ways in which the nation is looking to grab a bargain.
“Our Eye Care plan has been designed to make things as easy as possible to keep your eyes healthy and look stylish and control the cost.’’
Overall, 77 per cent are comfortable with the amount they spend each month on their subscriptions.
However, 28 per cent are guilty of bending the rules and sharing passwords with friends and family to split the cost.
That said, 44 per cent admitted they are currently paying for some services which they aren’t using to their full potential.
Of these, 53 per cent blame a lack of time for not being able to make the most of them, while 34 per cent said there’s simply too much content for them to cope with.
Instead of cancelling, 39 per cent plan to stay subscribed because it might come in useful one day and 32 per cent are waiting patiently for a certain piece of content to drop.
But one in four of these simply find the cancellation process too confusing.
Brits waste over £312 year on unused subscriptions
The research, conducted via OnePoll found 57 per cent have signed up to a new subscription within the last 12 months.
While 43 per cent said they are likely to sign up for more in the near future.
A good introductory offer is the most enticing way to set up a new direct debit for 41 per cent, with 46 per cent only signing up to a new service if they get a good initial discount.
But after that has expired, 37 per cent have signed up again with a different email address to get the deal for a second time.
To help Brits become savvier with their sign-ups, Vision Express partnered with TV presenter Alison Hammond to show the nation how to make the most from hitting subscribe.
The host of ‘This Morning’ details her top tips for saving money on subscriptions and memberships: “Can you believe the average Brit is wasting over £312 a year on unused subscriptions and memberships?
"So, here’s my advice – when you take out a subscription or membership, make a diary note at least a week before an introductory offer ends.
"And make sure you aren’t paying for similar services. Like, do you really need a gym membership and an online fitness app?”
Top 10 subscriptions that UK adults waste their money on
- TV/ film streaming - 26 per cent
- Music - 14 per cent
- Gaming memberships - 10 per cent
- Watching sport - nine per cent
- Health and fitness - nine per cent
- Alcohol - nine per cent
- Online news - six per cent
- Audiobooks - five per cent
- House plants - five per cent
- Books - five per cent