Irish people waste €290m annually on forgotten subscriptions, Revolut says
Eva Osborne
Irish consumers waste more than €290 million annually on subscriptions that they pay for but do not necessarily use, new research from Revolut has shown.
The study of 1,000 Irish adults across the country found that over half (60 per cent) admit to paying for unused subscriptions, including streaming services, fitness or wellness, gaming, and more.
For nearly a quarter of respondents (23 per cent), this waste amounts to €5-€10 a month, deceptively small amounts that add up over the year and, if consistent nationwide, would add up to an estimated millions of euro squandered each year.
A further 5 per cent said they wasted more than €20 a month on subscriptions — the equivalent of €240 annually each.
On average, Irish consumers let go of €70.68 a year on surplus subscriptions they are not necessarily utilising.
Despite the increasing pressure on household budgets and the rising cost of living, the vast majority of Irish consumers are not regularly tracking their outgoings, research shows.
Less than a third (30 per cent) of people in Ireland review their subscription expenses monthly, with one in five respondents (20 per cent) admitting to rarely or never reviewing them.
Revolut analysed its customers’ most common monthly subscriptions, finding that Irish customers’ most popular outlays were to the following merchants:
- Apple
- Spotify
- Netflix
- Amazon Prime
- Disney Plus
- Google Play
- Google Storage
- Vodafone
- Amazon Video
- FLYEfit
The research also highlighted the main reasons why people continue to pay for services they do not use.
Coming in first place is procrastination/FOMO at 34 per cent. The top reason, 'I might use it later', revealed a significant role for procrastination and fear of missing out among a third of consumers
The 'forgetfulness factor is in second place on 22 per cent. Over a fifth of consumers forget that they are still subscribed.
Silent 'subscription tax'
General manager at Revolut Bank UAB, Ireland Branch, Malcolm Craig, said: “The research exposes the silent ‘subscription tax’ quietly draining millions of euro from Irish consumers.
"What starts as a few small, forgotten payments can quickly snowball into a good chunk of change over the course of a year — money that could be earning interest or invested instead.
“As subscription-based services and freemium models grow, it’s never been easier to lose track of things."
