A poll of 2,000 adults commissioned by Community Fibre has found that 38% of Brits are currently locked into contracts they believe offer poor value for money, costing them an average of £576 more per year than necessary. Half of those surveyed reported that their contract prices have risen over time, while 26% feel they receive poor value for the service they actually get.
Worst Offenders: TV, Energy, and Mobile Contracts
TV packages (32%), energy contracts (26%), and mobile phone contracts (14%) rank among the most prevalent deals where people feel they are being overcharged. Nearly one in four (23%) now believe better alternatives exist, according to the study.
Consumers Seek Cheaper Deals but Struggle to Keep Track
The research also revealed that 26% are actively trying to secure cheaper deals for all or most of their existing contracts and subscriptions. However, with the typical person signed up to seven contracts or subscriptions in total, almost one in 10 (9%) find it difficult to monitor them all. Personal finance expert Peter Komolafe, who partnered with Community Fibre, commented: “With many different long-term contracts on the go, small price rises can add up, leaving people paying more than they realise. That’s why it’s so important to regularly review, track and monitor your outgoings, so you stay in control of what you’re paying for. But most importantly, check you have the best deal and are only paying for what you need.”
Preference for Flexible and Combined Services
Nearly half of those surveyed (48%) prefer shorter, more flexible deals, while 41% are exploring combining services to save money. When asked about mobile phone contracts specifically, 27% wanted to switch to a cheaper deal, and getting the best price was the top priority for six in 10 people. Another 19% would happily keep their current handset and move to a better contract, and 15% are looking for shorter, more flexible options.
Forgotten Subscriptions Cost Bill Payers £54
More than a quarter of respondents (26%) have completely forgotten about a paid subscription and continued paying each month without using it. Video services (26%), music subscriptions (15%), and software (13%) are the most neglected, costing bill payers an estimated £54 before they cancelled. Peter Komolafe added: “I spoke to lots of people and found many are confused or frustrated by their mobile phone contract, but happy with their handset. Switching to an eSIM like this is a straightforward way to secure unlimited data, calls and texts for a fixed monthly price, with the added flexibility of a rolling contract.”
