From unused gym memberships to idle TV streaming services, the latest instalment of the Forgotten Subscriptions Index fromTopCashback.co.uk, the UK’s most generous cashback shopping site, reveals consumers waste £494 million* each month on subscriptions that provide poor value for money.
However, although most of the frustration around subscriptions is a result of the services on offer, the report reveals consumers are being fairly lackadaisical when it comes to keeping a close eye on their subscriptions.
Nearly half (45 per cent) of consumers say unforeseen price hikes are what they dislike most about subscriptions.
Yet, nearly a fifth (17 per cent) never review their subscriptions and more than a quarter (27 per cent) have continued to pay for a subscription without realising the price had increased.
Half (50 per cent) of consumers are currently paying for at least one subscription they either do not use or get value for money from. The biggest culprits include gym and fitness memberships (33 per cent), TV streaming services (29 per cent), music streaming plans (21 per cent) and product delivery services such as Amazon Prime (11 per cent).