Major UK bank urges customers to do quick check to save £400 per year | Personal Finance | Finance
Monzo is encouraging its customers to attempt a straightforward spring challenge. And it could help you save a huge £458 a year.
Monzo reports most people pay for at least one subscription monthly – be it for television, gym membership, cinema access, shopping, flower deliveries or food delivery services. However, its findings suggest many people may not be aware of what they’re subscribed to, and frequently get stung by surprise monthly payments.
The bank surveyed 2,000 UK adults to establish the typical sum spent on subscriptions, and how many weren’t certain about the number of subscriptions they hold. It also looked at how many people unforeseen expenses.
It explained: “Based on Monzo insights, the number of people who have subscriptions increased by 24% between January 2025 to 2026 – from 1.25 million to 1.54 million. Our survey shows that the average monthly spend on subscriptions in the UK is around £38.18 per person, which is equivalent to £1.74 billion nationally.”
It adds: “Most people (20%) spend £30-£49 each month, 19% spend up to £75, and 4% spend even more.”
With an average of £38.18 per person per month, that adds up to £458.16 per person each year – and that’s only accounting for subscriptions.
With this in mind, the financial experts have urged people to do a spring clean to ensure their subscriptions are sorted. You should:
- Make sure you know how much your subscription costs you per month
- Make sure you really need the subscription, especially if you’re struggling with money
- Make sure you’re only paying for each subscription once – check you haven’t accidentally signed up again using a different email, which could mean you’re being charged twice
- Check if your subscription price has risen, as you may not be able to afford it
- Make sure that if you’re on a free trial and don’t want to continue with it, you cancel before you are charged, especially if it’s set to renew at full price. In some cases, it may take out an annual fee rather than a monthly price
Monzo said: “Our research revealed that around one in five people across the UK don’t know how many services they currently subscribe to, meaning almost £40 could be leaving their accounts each month without them knowing exactly what it’s for. Forgetful subscribers were most common in Yorkshire and the Humber (23%), followed by the West Midlands and Greater London (22%).
“One of the biggest reasons? Forgotten free trials. We’ve all signed up for a ‘free month’, fully intending to cancel, only to let it slip. As a result, 38% of people have been hit with an unexpected charge, equivalent to around 21 million people across the UK.”
Monzo says that spring cleaning your subscriptions isn’t about cancelling everything, but about keeping the services you actually use and cutting the ones you’ve forgotten about. Many people already tend to do this in March, when subscription spending typically peaks as they switch or upgrade services.
Monzo’s survey suggests around 8.4 million UK adults plan to cancel at least one subscription in the next three months. “If you haven’t used it in the last month – or forgot you even had it – that’s a clear sign it might be time to let it go. As our insights have shown, those small monthly costs add up fast over a year”, Monzo says.
It concludes by suggesting: “Setting money aside specifically for the subscriptions you do want to keep can help you stay organised and avoid surprises when payments go out. Whether you’re budgeting for a streaming service or a pet food subscription, you can use Pots to separate your money however you like.
“With UK adults spending an average of £38 a month on subscriptions – and millions getting caught out by unexpected charges – now’s the perfect time to see where your money’s going. A quick review can help you stay on top of your spending, avoid surprises, and make sure your subscriptions are working for you, not against you.”
