Amount of money wasted on unused payments in UK revealed

An average adult pays out £496 in monthly regular payments, with £39 going on things they don’t use or want

unused payments

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.

People across the UK lead busy lives which can mean they’re left juggling lots of expenses each month. This can make it daunting to prioritize and begin to make better financial decisions. Our research today shows that a simple first step towards taking control of your money could be reviewing and canceling old payments that you no longer use
Katie Murray, Chief Financial Officer at NatWest

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