New research from ING has found 8.4 million Aussies are currently paying for subscriptions they don’t even use – from entertainment, health and fitness subscriptions to dating apps[1].
The main reasons these Aussies are still paying for them is because they forgot to cancel a free trial (32%), their friends and family use them (31%), or they think they might need them in the future (30%). Almost one in four (23%) simply forgot they had them.
The data comes as Aussies spent an average of $874 each, or $11.4 billion nationwide, on discretionary subscriptions in 2024[2]. One in five (22%) have even paid for a duplicate subscription (e.g. two online streaming accounts), with almost one in ten (9%) currently doing so.
Cutting back on entertainment subscriptions on the cards for most Aussies this year
Of those who have discretionary subscriptions, three in five (61%) say they could have saved up to $100 per month last year if they had cut back on the subscriptions they no longer need. More than a quarter (27%) believe they could have saved over $100 per month.
Alarmingly, 1.8 million Aussies admitted they don’t know how much they were spending on these payments last year. Almost one in four (24%) say they are extremely likely to cut back on them in 2025.
The top discretionary outgoings Aussies plan to cut back on in 2025 are:
- Entertainment subscriptions (e.g. online streaming services) – 39%
- Health, wellness and fitness subscriptions (e.g. fitness apps, food subscriptions/meal kits) – 14%
- Gym and/or sports club memberships – 12%
- Dating app subscriptions – 8%
Emergency savings fund a top priority for savers
For those who are cutting back on at least one of their scheduled outgoings this year, two in five (41%) will be using the money to build an emergency savings fund, three in ten (30%) will be putting it aside for travel or holidays, and over one in five (22%) plan to use it for day-to-day expenses.
Matt Bowen, Head of Consumer and Market Insights at ING Australia, comments on the report findings:
“Our research shows 8.4 million of us are currently paying for non-essential subscriptions we aren’t even using. Now’s probably a good time to start thinking about scrubbing those subscriptions that are no longer needed”
“By taking the time to review recurring subscriptions regularly, and redirecting the money saved from cancelled subscriptions to an interest-bearing savings account – such as ING’s Savings Maximiser – you could be setting yourself up for more savings and better financial health for the year ahead.”
Matt’s tips for keeping track of recurring subscriptions:
- Log into your banking app to identify recurring charges and find subscriptions you no longer use or need
- Set up calendar reminders to keep track of free trial deadlines or annual subscription renewals
- Redirect the money saved from cancelled subscriptions to an interest-bearing savings account
- Check for family plans or bundle deals that could reduce the cost of the service
- Commit to doing an annual review and comparison of your outgoing payments to see if you can find a better deal
More information
Any advice on this page is general information only and does not take into account your particular objectives, financial situation or needs and you should consider whether it is appropriate for you having regard to these factors before acting on it. Fees and charges apply. Before making any decision in relation to any of our products, you should read the relevant Terms and Conditions booklet and Fees and Limits Schedule, available at ing.com.au or by calling 133 464.
Information is current as at the date of publication and is subject to change.
Savings Maximiser
Information and interest rates are current as at the date of publication and are subject to change.
The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:
• deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One),
• also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
• ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, interest earned in the current month is not taken into account.
Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking or the ING mobile app. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.
Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate or the additional variable rate offer at any time with notice. The additional variable rate is not payable in conjunction with any other promotional rate.
Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to a Savings Maximiser or Orange Everyday, you should read the Savings Maximiser Terms and Conditions booklet and the Orange Everyday Terms and Conditions booklet and Everyday Banking Fees & Limits Schedule. To view these documents you may need Adobe Acrobat. If you have a complaint, please call us on 133 464 at any time as we have procedures in place to help resolve any issues you may have.
Products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL 229823 and Australian Credit Licence 229823.
[1] Australians 18+ who have non-essential scheduled outgoing payments they are not using (n=425)
[2] Australians 18+ who have scheduled non-essential outgoing payments and have an idea of how much these cost (n=667)
