Monzo says quick check could see people over £400 better off

Monzo has highlighted the financial benefits of reviewing and managing subscription services, suggesting that a simple check could save individuals an average of £458 annually. The online bank, which serves over 13 million customers, conducted a survey of 2,000 UK adults revealing that many people are unaware of the number and cost of their subscriptions. The study found that the average monthly spend on subscriptions is £38.18 per person, amounting to approximately £1.74 billion nationally each year. The research also indicated a 24% increase in the number of people with subscriptions between January 2025 and 2026, rising from 1.25 million to 1.54 million. Spending patterns vary, with 20% of respondents paying between £30 and £49 monthly, 19% spending up to £75, and 4% exceeding that amount. Monzo emphasized that many subscribers may be paying for services they no longer need or have forgotten about, potentially leading to unnecessary financial strain. To address this, Monzo recommends a "spring clean" of subscriptions, advising individuals to verify the cost and necessity of each service. Key steps include checking for duplicate subscriptions possibly created through different email accounts, monitoring price increases, and ensuring free trials are canceled before they convert into paid plans. The bank also noted that some subscriptions might charge annual fees rather than monthly payments, which can catch users off guard. The survey found that around one in five people in the UK are unsure how many subscriptions they currently hold, with the highest rates of forgetfulness reported in Yorkshire and the Humber. This lack of awareness can result in significant unintentional spending, underscoring the importance of regular financial reviews. Monzo’s findings highlight a broader trend of increasing subscription use and the need for consumers to stay vigilant to avoid unnecessary expenses.