UK households will lose £500 from bank account due to 'forgotten' bill

New research has revealed that many people are paying bills for services they don't even know they are using - and it's costing them £500 a year on average

A vast number of people are unwittingly shelling out for bills they're unaware of, according to new research highlighting the issue of "forgotten bills" that sees many wasting money on services they don't use.

It's a costly oversight individuals are, on average, £500 down each year due to various unnoticed subscriptions. Citizens Advice has recently revealed startling statistics in March, showing that an astonishing 13 million people (26% of UK adults) have accidentally signed up for a subscription in the past year.

These unwanted subscriptions have collectively cost Britons a hefty £688million over the last 12 months, reports Birmingham Live..

Leading the charge in these accidental sign-ups is auto-renewal, accounting for 40%, with failing to cancel after a free trial period a close second at 39%. Moreover, nearly one in four (24%) believed they were making a one-off purchase, only to find themselves saddled with ongoing charges.

Retail expert Stephanie Hood from TheCMO.com advises UK consumers to regularly review their subscription services, set reminders to cancel free trials, and vigilantly monitor bank statements for any unexpected charges. She said: "Many people don't realise how much they're spending on subscriptions they don't use. A thorough review can reveal opportunities to cut costs and redirect those funds towards more important financial goals."