Brits claim they are overpaying by an average of £576 per year on contracts and subscriptions, according to a new survey of 2,000 adults. The research, commissioned by Community Fibre, found that 38% of respondents are currently tied into an agreement they do not consider good value for money. Half reported that the price of their contracts has risen over time, and 26% believe they receive poor value for the service they actually get.
Most Common Rip-Off Contracts
TV packages top the list of deals where people feel ripped off, cited by 32% of respondents. Energy contracts follow at 26%, and mobile phone contracts at 14%. The survey also revealed that 23% of Brits now believe better alternatives are available for their current deals, while 26% are actively seeking cheaper options for all or most of their contracts and subscriptions.
Forgetting Subscriptions Costs Consumers £54
More than a quarter (26%) of respondents admitted to completely forgetting about a paid subscription and continuing to pay each month without using it. Video services (26%), music subscriptions (15%), and software (13%) are the most neglected, costing bill payers an estimated £54 on average before they cancelled. The average person subscribes to seven contracts overall, with 9% struggling to keep track of them all.
Demand for Flexibility and Savings
Nearly half (48%) of those surveyed prefer shorter, more flexible deals, while 41% are exploring combining services to save money. When it comes to mobile phone contracts specifically, 27% want to switch to a cheaper deal, and getting the best price is the top priority for six in 10 people. Another 19% would keep their current handset and move to a better contract, and 15% are looking for shorter, more flexible options. Knowing exactly what their bill will be each month is important to 56%, while 37% want the most data, calls, and texts possible.
Expert Advice: Review Regularly
Personal finance expert Peter Komolafe, who partnered with Community Fibre to launch a new monthly renewing mobile eSIM with unlimited data, calls, and texts, urged consumers to take control. He said: “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.” Komolafe added that switching to an eSIM is a straightforward way to secure unlimited data, calls, and texts for a fixed monthly price with the flexibility of a rolling contract.
