Study Shows Subscriptions Cost Costumers $130 More Than They Think
- 2 years ago
The survey was conducted for the market research firm C+R Research.
1,000 consumers participated in the study in April and May of this year.
It found that almost a third of those consumers' monthly subscription expenses were underestimated by $100 to $199.
On average, consumers spend $133 more every month on subscriptions than they think they do.
Analysts and financial planners say the results of the survey aren't exactly surprising.
"It’s a slippery slope with subscriptions. It just happens automatically and you’re not actively making that purchase every month." Douglas Boneparth, Bone Fide Wealth, via CNBC
Having the cost of a subscription automatically deducted from a person's account means that
the charges are easy to forget.
"It’s the rare person who doesn’t have at least one sneaky charge they’ve forgotten about." Kathryn Hauer, Wilson David Investment Advisors, via CNBC
Financial planners say that there are simple strategies that can help you be more aware of how your money is spent each month.
There are popular apps available to assist, but planners stress that organizing your finances is key.
"It really comes down to organization.The more organized you are around cash flow, the more you can identify what you want or don’t want to spend your money on." Douglas Boneparth, Bone Fide Wealth, via CNBC
1,000 consumers participated in the study in April and May of this year.
It found that almost a third of those consumers' monthly subscription expenses were underestimated by $100 to $199.
On average, consumers spend $133 more every month on subscriptions than they think they do.
Analysts and financial planners say the results of the survey aren't exactly surprising.
"It’s a slippery slope with subscriptions. It just happens automatically and you’re not actively making that purchase every month." Douglas Boneparth, Bone Fide Wealth, via CNBC
Having the cost of a subscription automatically deducted from a person's account means that
the charges are easy to forget.
"It’s the rare person who doesn’t have at least one sneaky charge they’ve forgotten about." Kathryn Hauer, Wilson David Investment Advisors, via CNBC
Financial planners say that there are simple strategies that can help you be more aware of how your money is spent each month.
There are popular apps available to assist, but planners stress that organizing your finances is key.
"It really comes down to organization.The more organized you are around cash flow, the more you can identify what you want or don’t want to spend your money on." Douglas Boneparth, Bone Fide Wealth, via CNBC