Over a million subscriptions stopped by UK customers as households feel the squeeze
Over 1.2 million subscription payments have been stopped since summer 2021, as technology puts customers in further control of their spending, according to new data from Bank of Scotland owner Lloyds Bank.
Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending, as the cost of living climbs.
Marketplace subscriptions – where people buy or sell goods online - also got the chop, with 17.6% of cancellations, since June last year. Regular payments for weight management clubs and gym memberships made up 7.6% of contracts ditched.
With Brits spending more than ever on subscription services, the subscription management tool within the Lloyds Bank app means customers have an easy way to manage these regular outgoings.
Customers can view and stop subscriptions in a few simple clicks, with almost a fifth (17%) of customers using the service on a monthly basis.
These new findings follow an earlier spike in people taking out subscriptions during the pandemic, where new regular subscription payments increased by 70% between January 2020 and March 2021. The data suggests people are now doing a ‘subscription audit’ following the lifting of pandemic restrictions, and a rise in day to day costs.
The insight also shows that Monday is the busiest day for subscription management, with those aged between 30 and 39 the most likely to be using the mobile app to manage payments.
Philip Robinson, director, payments, Lloyds Bank, said: “People are looking to take control and budget household spend. The subscription management service within our mobile app makes it easy for customers to see what they are making regular payments on, with cancellation just a few clicks away.
“Our customers have stopped over a million subscription payments to date, with streaming services by far the most popular stop.”