The simple mistake that costs you $ 500 a year: how nearly half of Australians throw away money for unnecessary subscriptions – and millennials are most at risk
- Data show that Australians waste an average of $ 500 a year on unused subscriptions
- More companies are using subscription-based models to generate revenue
- Data also shows that 40 percent of people were unable to keep track of their subscriptions
Australians throw away hundreds of dollars a year simply because they cannot keep up with their paid subscription services.
As many as 47 percent of Australians admit that they have a paid subscription that they do not use, while 6 percent said they had three or more unused subscriptions.
The data from YouGov Australia also shows that the average monthly expenses for wasted subscriptions are $ 40.66 per month – which is $ 487.92 per year.
Australians throw away hundreds of dollars every year because they cannot follow the growing number of paid subscription services
Nearly 90 percent of Australians signed up for a monthly subscription such as internet or cell phone, while 38 percent signed up for a video streaming service.
Not being able to keep track of all the services to which they had joined was the main reason consumers gave for running unused subscriptions – 40 percent said they had this problem.
More and more companies are turning to a subscription-based model as a way to generate continuous revenue.
Meal preparation can be done with Hello Fresh and Marley Spoon, entertainment can be sorted by music services such as Spotify and video streaming such as Netflix and YouTube Premium, even meditation is affordable per month with apps such as Headspace.
& # 39; It is often services that renew less often that are more problematic – because people can forget them. An annual subscription to apps is usually one of the worst. & # 39; Insights Manager at Finder Graham Cooke told 9 news.
Millennials are particularly at risk, says Mr. Cooke, with the YouGov data showing that 23 percent had five or more subscriptions.
& # 39; Ten dollars a month may not seem like much, but these services can add up quickly. One way to stay up to date with your subscription is to carefully examine your monthly credit card bill and bank statement and ensure that all subscriptions that appear regularly are things that you actually use. & # 39;
Not being able to keep track of all the services to which they had joined was the main reason consumers gave for current unused subscriptions
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