Unused and forgotten about subscriptions and memberships are costing Brits on average £312 a year – equating to almost a whopping £14 billion of wasted cash across the UK according to a new study released today.

A study of 2,000 Brits found that those who have TV and film subscriptions are spending as much as £300 a year to watch their favourite shows, with music subscriptions costing on average £200 a year.

The study commissioned by high-street opticians Vision Express to promote the launch of their new eyecare plan, found that Brits in the 25-34 category admit to wasting the most money on unused subscriptions and memberships, averaging £375 a year. Interestingly, women waste on average £105 more on unused subscriptions and memberships than men.

The study found that TV and filming services (26%), music (14%) and gaming memberships (10%) were the top subscriptions and memberships that Brits ended up wasting money on.

Many Brits are lured to sign up to subscriptions and memberships if there is an introductory offer or free trial (55%), despite almost half (45%) claiming they planned to cancel the service as soon as the introductory offer ended. For the 63% of those that forgot to cancel in time, it led to them forking out an extra £30.

Top Ten Subscriptions That Brits Waste Their Money On:

1. TV/ Film streaming 26%

2. Music 14%

3. Gaming memberships 10%

4. Watching sport 9%

5. Health and Fitness 9%

6. Alcohol 9%

7. Online news 6%

8. Audiobooks 5%

9. House plants 5%

10. Books 5%

But despite the initial benefits gained from introductory offers, more than a quarter of Brits fail to cancel the service in time (28%) costing an average of £312 per year.

To make matters worse, almost half (44%) felt that they did not use the full benefits of their subscriptions and memberships after paying the fee, citing lack of time (53%), followed by their service having too much content (34%), and signing up to too many similar services (27%), as the top reasons. Instead of cancelling, 39% plan to stay subscribed because their service might come in useful one day, and 32% are waiting patiently for a certain piece of content to drop.

On the flipside, 77% are comfortable with the amount they spend each month on their subscriptions and memberships, however 28% are guilty of bending the rules and sharing passwords with friends and family.

The research found that 57% of Brits have signed up to a new subscription within the last 12 months, with 43% saying they’re likely to sign up for more in the near future.

A good introductory offer is the most enticing way to set up a new subscription or membership for 41% of Brits, with 46% only signing up to a new service if they get a good initial discount. But after that has expired, 37% have signed up 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 ‘This Morning’ host details her top tips for saving money on subscriptions and memberships which include making a diary note before the introductory offer ends, and avoid paying for more than one of the same service.

Alison Hammond said:
”With the average Brit wasting over £312 on unused subscriptions and memberships, we need a refresh. Subscriptions, such as the Vision Express eyecare plan, were made to make our lives easier. With a service for almost everything these days, it’s important we feel the full benefits every day.”