Brits stuck in ‘rip-off contracts’ reckon overpriced deals are costing them £576 a year more than they should be paying. A survey of 2,000 adults found 38% are currently tied into an agreement which they do not think is good value for money.
Half of the respondents reported the price of their contracts rising over time, and 26% believe they get poor value for money for the service they actually receive.
TV packages (32%), energy contracts (26%) and mobile phone contracts (14%) are among the most common deals where people feel they are being ripped off.
The research, commissioned by Community Fibre, found almost one in four (23%) now believe better alternatives are available.
It also emerged 26% are actively trying to find cheaper deals for all or most of their current contracts and subscriptions. But with the average person subscribing to seven contracts overall, 9% struggle to keep track of them all.
Personal finance expert Peter Komolafe has partnered with the mobile and broadband provider to support the launch of a new monthly renewing mobile eSIM, that comes with unlimited data, calls and texts.
He said: “With many different long-term contracts on the go, small price rises can add up, leaving people paying more than they realise. That’s why it’s so important to regularly review, track and monitor your outgoings, so you stay in control of what you’re paying for.
“But most importantly, check you have the best deal and are only paying for what you need.”
Nearly half of those surveyed (48%) prefer shorter, more flexible deals. Meanwhile 41% are exploring combining services to save money.
When asked about mobile phone contracts specifically, 27% of respondents wanted to switch to a cheaper deal and getting the best price was the top priority for six in 10 people.
Another 19% would happily keep their current handset and move to a better contract and 15% are keeping an eye out for shorter, more flexible options.
This is followed by knowing exactly what their bill will be each month (56%) and having the most data, calls and texts possible (37%).
More control over contracts could also help some Brits struggling to stay on top of what they sign up for.
According to the OnePoll survey, more than a quarter of respondents (26%) have completely forgotten about a paid subscription and continued paying each month without using it.
Video services (26%), music subscriptions (15%) and software (13%) are the most neglected, costing bill payers an estimated £54 before they cancelled.
Peter Komolafe, who featured in a video for Community Fibre quizzing Londoners about their subscriptions, added: “I spoke to lots of people and found many are confused or frustrated by their mobile phone contract, but happy with their handset.
“Switching to an eSIM like this is a straightforward way to secure unlimited data, calls and texts for a fixed monthly price, with the added flexibility of a rolling contract.”
