On average, people misjudged their monthly subscription costs by $133, which is nearly $1,600 a year, according to a recent survey.
FILE - Two people use an iPhone at a shopping mall in Yantai, East China's Shandong province, on March 26, 2022. to beauty boxes to food, there are many monthly subscription services available — and recent research suggests that you may be paying for more than you realize.
More than half of consumers underestimated their monthly spending on subscriptions by at least $100, according to. Twenty-four percent underestimated by $200 or more. The survey included 1,000 U.S. adults and was evenly split among Gen Z, Millennial, Gen X, and Baby Boomer age ranges. It asked people to think generally about the number of subscription services they use, and in 10 seconds, estimate how much they spend per month. Later, they were given more time to individually calculate their monthly subscription costs. On average, people misjudged their subscription costs by $133, which is nearly $1,600 a year, according to the survey. Not only do consumers lose track of their payments, but they also forget how many services they subscribe to after setting the payments to auto-pay, the survey found. About three-quarters said it was easy to forget about their recurring monthly subscription charges. Meanwhile, 42% said they had stopped using a subscription service but forgot they were still paying for it, with Gen Z being most likely to forget and Boomers least likely. Almost one-quarter said they felt overwhelmed with the number of subscription services they had. Netflix paved the way for countless other entertainment streaming services to follow.people are overwhelmed with the sheer volume of streaming options. And the number of people who paid for three or more streaming services also continued to grow over the past three years. In 2019, 8% said they paid for four or more platforms. By 2022, that figure jumped to 18%, according to Nielsen. US streaming outpaces cable, broadcast TV for 1st time ever in JulyWith the increase in monthly subscription services, several companies and banks offer subscription tracking programs and apps. Many of these programs offer a snapshot to people of how many subscriptions they pay for and how much they’re being charged per month.
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brendan Fraser breaks down in tears, 'The Whale' receives 6-minute standing ovation at Venice Film FestivalBrendan Fraser portrays a 600-pound gay man in the Darren Aronofsky movie.
Read more »
CHP: Over 600 DUI arrests in first 36 hours of Labor Day max enforcementCalifornia Highway Patrol continues to make DUI arrests statewide as part of its Labor Day maximum enforcement period for the holiday weekend.
Read more »
Europe heading for recession as cost of living crisis deepensThe euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.
Read more »
Brendan Fraser breaks down in tears as ‘The Whale’ gets 6-minute standing ovation in Venice“The Whale” stars Brendan Fraser as a man living with severe obesity who struggles to reconnect with his 17-year-old daughter, played by “Stranger Things” breakout Sadie Sink.
Read more »
‘The Whale’ Star Brendan Fraser on Playing a Man Who Weighs 600 Pounds: ‘I Needed to Learn to Move In a New Way’Brendan Fraser, the star of the Venice-premiering movie “The Whale,” says he needed to “learn how to move in a new way” in order to play his character Charlie, who weighs 60…
Read more »