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How much do you pay to subscriptions every month?

Booming Forward: Senior Subscriptions
Posted at 1:24 PM, Aug 16, 2022
and last updated 2022-08-16 15:24:05-04

New data shows the average consumer underestimates their monthly subscription costs by $133.

Researchers say there are a few factors to blame, the main being that people simply forget, thanks in part to a feature that's designed to help: autopay.

But unless you cancel, those deductions from your bank account will keep on coming, even if you don't use the service anymore.

According to C+R Research, the most commonly forgotten subscriptions include cell phone, internet and entertainment streaming platforms.

It's a trend among all generations. But, the study found 55 percent of Gen Z forgot about subscriptions compared to just 24 percent of Baby Boomers.

Within the last few years, Baby Boomers have been the leading consumers of online groceries and household items. Studies show they're buying products and services that make life easier.

But, if subscriptions are actually making life harder, there are resources.

Most banks now offer subscription tracking programs. And, there are apps like Mint or Truebill that can help you out.

Booming Forward is brought to you by Optum.