Britons are wasting more than £160 million a year on subscriptions they no longer need by forgetting to cancel direct debits.
Gym memberships, magazine subscriptions and mobile phone contracts are costing 81 per cent of those surveyed hundreds of pounds a month because they do not cancel them with the bank.
The lackadaisical attitude to money is leaving people unnecessarily out of pocket, says online bank Cahoot, which commissioned the research.
It revealed that 77 per cent have kept a direct debit for a magazine subscription more than two months after it is needed.
Women are quicker to cancel their gym membership than men - 19 per cent of women cancel within one month of leaving.
Monday September 22, 2003
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