On average, people misjudged their monthly subscription costs by $133, which is nearly $1,600 a year, according to a recent survey.
FILE - Two people use an iPhone at a shopping mall in Yantai, East China's Shandong province, on March 26, 2022. to beauty boxes to food, there are many monthly subscription services available — and recent research suggests that you may be paying for more than you realize.
The survey included 1,000 U.S. adults and was evenly split among Gen Z, Millennial, Gen X, and Baby Boomer age ranges. It asked people to think generally about the number of subscription services they use, and in 10 seconds, estimate how much they spend per month. Later, they were given more time to individually calculate their monthly subscription costs.
Not only do consumers lose track of their payments, but they also forget how many services they subscribe to after setting the payments to auto-pay, the survey found.
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