Brits spend nearly £500 a year on subscription services, study finds | Personal Finance | Finance

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 listeners back more than £200 annually.

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 percent 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 percent of these, it ended up costing them as they forgot to cancel in time – leading to them fork out an extra £30.

Jane Exon, spokeswoman 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 looking stylish, and control the cost.”

Overall, 77 percent are comfortable with the amount they spend each month on their subscriptions.

However, 28 percent are guilty of bending the rules and sharing passwords with friends and family, to split the cost.

That said, 44 percent admitted they are currently paying for some services which they aren’t using to their full potential.

Of these, 53 percent blame a lack of time for not being able to make the most of them, while 34 percent said there’s simply too much content for them to cope with.

Instead of cancelling, however, 39 percent plan to stay subscribed because it might come in useful one day, and 32 percent are waiting patiently for a certain piece of content to drop.

But one in four of these simply find the cancellation process too confusing.

The research, conducted via OnePoll, found 57 percent have signed up to a new subscription within the last 12 months – and 43 percent 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 percent, with 46 percent only signing up to a new service if they get a good initial discount.

But after that has expired, 37 percent 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” has detailed her top tips for saving money on subscriptions and memberships, and said: “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?”