An average adult pays out ￡496 in monthly regular payments, with ￡39 going on things they don’t use or want
Amount of money wasted on unused payments in UK revealed. Source: shutterstock.com
NatWest found that Britons are wasting ￡25 billion per year on unused direct debits, standing orders, and recurring card payments.
For instance, gym memberships (12%), phone contracts (11%) and video streaming subscriptions (10%) are at the top of the list. Along with that, 9% of Brits surveyed include old insurance schemes and 6% of them spend money on food delivery subscriptions. It’s equal to ￡468 annually or nearly ￡30,000 wasted over an average Brit’s lifetime.
At the same time, lack of financial confidence, and unwillingness to engage with finances is a contributing factor. The study found that 38% of Brits leave it at least 6 months between reviewing direct debits and standing orders. Meanwhile, 1 out of 10 reviewing them less than once a year. More than 2.6 million people admit to never checking their direct debits at all.
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