A new survey across the UK has discovered that Britons spend an eye-watering £1,200 a year on subscriptions services. Consumer experts claim millions could save an average of £400 a year by scrapping dormant “zombie” subscriptions. With millions of households allegedly holding on to multiple active subscriptions, the cost can become considerable in short order.
Rebecca Bebbington, a spokesperson for the voucher code site NetVoucherCodes, urges people to take stock of these costs. Miller suggests people put together a comprehensive list of every subscription they have. This means helping them keep track of renewal dates and understanding exactly what services they use.
According to our survey, about 19% of subscribers are not actively using each platform they pay for. This eye-popping statistic underscores a huge opening for cost-saving. Mark Nalder, the service, operations, and performance director at Nationwide, pointed out that the start of a new year serves as a “natural time to reassess spending and priorities.” His comment is a sign of a broader trend among consumers to reassess their travel budgets at the beginning of the year.
The call for consumers to take stock of their subscriptions is timely with the implementation of many new consumer protections. These measures will obligate companies to inform customers about the details of their subscriptions, ensuring they are aware of how to cancel if desired. Katrina Anderson, an advocate for consumer rights, remarked on the necessity of these measures:
“This is to remind people that they have subscriptions that they might or might not want and to consider whether they would actually like to cancel them and how to cancel them.”
Consumers have shown that they are worn out by the constant change in the streaming landscape. Take the new release Wonka, for instance, currently available to rent on Apple for £3.49, or stream on Prime Video as part of a subscription. Bebbington advises streamlining this process:
“Instead of juggling multiple streaming subscriptions, stick with one at a time. Plan how you watch, enjoy, cancel, and then hop on to the next.”
Amazon Prime is one of the most widely adopted subscription services in the UK, at £95/year. The service comes with a Deliveroo Plus Silver plan. It provides free delivery on orders above £15, rewarding habitual users with greater value. While this may be great consumer convenience, it will allow consumers to continue to forget about other subscriptions that they’re not using.
As Britons head into a new year, ready to make more informed financial decisions, the need to understand their subscription usage is greater than ever. The ability to save hundreds of pounds right off the bat just by cancelling or combining multiple unused memberships should not be overlooked. Bebbington’s wisdom to train your eyes on a ledger of monthly payments is an easy first step to cutting unnecessary and excessive costs.