More than 4 in 10 consumers are paying for unused subscription services, a survey by TopCashback suggests.
The poll of more than 1,500 people found that 42% of respondents continue to pay for at least one subscription that they don’t use. The study highlights the fact that many consumers are not keeping track of their monthly outgoings and are not aware of any price increases or changes to terms of service.
Common forgotten subscriptions include:
- gym memberships (55%)
- magazine and newspaper subscriptions (22%)
- credit reports (22%)
- TV streaming services (20%)
- music streaming services (15%).
The research also found that 44% of respondents have signed up for a free subscription trial and forgetting to cancel before the service begins charging. A quarter of people have continued to pay for a subscription without noticing that the cost had gone up.
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.
“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?”