Forgetful residents in the North West pay out £41 million each month in unused subscription fees
MANY consumers have faced the high
price tag of an unused gym membership, but the cost of idle subscriptions has
now risen to more than £41 million each month as residents in the North West
continue to pay for services, from TV streaming plans to credit reports they
rarely use.
A study by TopCashback.co.uk, reveals an astonishing 46% of residents have
continued to pay for at least one subscription they're not using. The most
common forgotten subscriptions include gym memberships (62%), TV streaming
services (24%), music streaming services (23%), credit reports (21%) and
magazine and newspaper subscriptions (17%).
34% of residents say they continued to pay for a subscription they rarely used
for at least 4 months, whilst 11% kept on paying for more than a year.
Additionally it seems it is a lack of memory leaving residents in the North West
out of pocket as 43% admit to signing up for a free subscription and forgetting
to cancel before they were charged. A further 31% say they even forgot to cancel
a subscription after setting a calendar reminder.
Other key findings reveal:-
►
Men are slightly more forgetful when it comes to subscriptions as 47% continued
to pay for a service they were not using, compared to 45% of women.
►
3% of residents have continued to pay for a subscription they took out for an
ex-partner.
►
26% of residents have continued to pay for a subscription without realising the
cost had increased.
Natasha Rachel Smith, Consumer Affairs Editor for TopCashback (topcashback.co.uk),
says:- "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.
Taking advantage of new sign up discounts and cashback offers help consumers
save on their subscription services' fees so it's well worth doing them provided
you're prepared to be a defensive consumer and stay vigilant"
