Over a third of Brits are paying for subscriptions they barely use — and some don’t even remember signing up for them.
L&G surveyed 2,000 UK adults to uncover the everyday expenses that often go unnoticed and explore how households are balancing spending habits with longer-term financial planning.
- New research from L&G found that 35% of UK adults are paying for subscriptions they use infrequently, no longer use, or aren’t even sure they’re paying for. And honestly? Same energy as finding a gym membership on your bank statement six months after your last workout.
- Of those paying for forgotten or unused subscriptions, 27% said they’d simply forgotten to cancel, while 23% didn’t realise they were still being charged.
- The average person is losing £22.47 a month on these forgotten or unused subscriptions. That’s around £270 a year that could be going towards something you actually want.
From streaming subscriptions to memberships, many of the little costs we pay out every day can quietly add up over time. L&G’s survey explores the nation’s hidden spending habits, revealing the everyday payments that often go unnoticed, and the steps households are taking to stay on top of their finances.
The subscriptions we forget
Subscriptions and memberships were one of the biggest areas of unnoticed recurring payments. Over a third (35%) said they pay for services they use infrequently, no longer use, or are unsure which subscriptions they are paying for.
More than a quarter (27%) said they had forgotten to cancel a subscription, while 23% admit that they did not realise they were still paying for it.
The average amount spent on forgotten or unused subscriptions was reported to be £22.47 a month, with the highest spend being from those aged 25-34, £23.53 a month.
Keeping tabs on your money
The good news? We’re not completely ignoring our finances. Encouragingly, more than four in 10 (42%) said they regularly review their subscriptions, memberships, direct debits, and other recurring payments.
Overall, people are checking their regular payments nearly four times a month — although people in Wales are apparently taking this very seriously, checking theirs more than six times a month.
But keeping an eye on the small stuff is only one part of getting your finances in order. For 42% of respondents, managing everyday living costs is currently their biggest financial priority, while 19% are focused on protecting their family’s financial future.
Looking beyond our everyday spending
More than half (51%) of respondents say they have some form of financial protection in place, with life insurance the most common. Almost a third (32%) say they currently have cover in place, while 12% have critical illness cover and 10% have income protection.
But 41% don’t currently have any financial protection. The biggest reason? 28% said they don’t think they need it, while 21% think it would be too expensive,
The takeaway isn’t that you need to panic-buy every financial product going. It’s that knowing where your money is going — today and in the future — puts you in a much better position to decide what actually matters to you.
James Shattock, Managing Director, Protection and Retail Retirement L&G: “Our research shows that many people are becoming increasingly aware of the smaller everyday expenses that can quietly add up over time. Whether it’s subscriptions, memberships or other recurring outgoings, regularly reviewing where your money is going can help ensure it remains aligned with your financial priorities.”
Top Tip: Do a Subscription Audit
On the first day of every month, I audit my finances. I also audit my subscriptions. It’s the one thing I am still guilty of. Signing up for subscriptions and forgetting to cancel.
So make a date with yourself each month.
Open your bank app and search your recent transactions for recurring payments. Make a list of everything you recognise — and everything you do not.
Then ask yourself three questions:
- Do I actually use it?
- Would I sign up for it again today?
- Would I miss the money if I cancelled it?
If the answer is “no”, it might be time for a breakup.
And don’t just check Netflix and Spotify. Think gym memberships, apps, beauty boxes, delivery passes, cloud storage, and those free trials you definitely meant to cancel.
Click here to read L&G’s full report
