Approximately half of Far-Eastern residents persist in paying for unwanted subscriptions, according to a VTB poll.
Far Easterners Struggle to Manage Subscriptions
Living in the Far East isn't always a walk in the park, especially when it comes to managing subscriptions. A recent VTB poll reveals some stark findings: 33% of residents have two to three active paid subscriptions, and an additional quarter have one. Shockingly, 25% have encountered unexpected payments for services they barely used in the past year, with 26% experiencing such charges up to three times annually.
So, what's the deal with these unused subscriptions? Well, 41% of them are multiservice subscriptions, followed closely by marketplace and music service subscriptions, both accounting for 32%. Online cinemas round out the top three at 27%.
Financially, these forgotten subscriptions can be a serious drain. A whopping 45% of respondents splurge between 300 to 500 rubles a month on such wasted services.
But why do Far Easterners cling to these lapsed subscriptions? Half of the residents confess that they're hopeful they might need the service in the future. Fear of losing discounts or rewards (18%) and sheer ignorance of the cancellation process (14%) are other top reasons, with over a quarter (27%) simply unwilling to deal with the hassle.
Vladimir Lavrov, head of the 'Development of Service Packages and Subscriptions' department at VTB, comments, "Users increasingly opt for paying for quality content and additional services rather than resorting to 'pirate' sites. However, with so many active subscriptions, users may forget about them and neglect renewing their payments."
Conducted in April, the survey interviewed a representative sample of 1,500 Russians aged 18 to 65 in cities with a population exceeding 100,000.
Globally, there are common reasons for maintaining unused subscriptions, including overlooked auto-renewals, perceived future use, complex cancellation processes, low financial impact, and lack of awareness regarding ongoing charges. Common subscription types include streaming services, cloud storage, productivity and software tools, gaming and entertainment subscriptions, and membership clubs.
While the VTB poll didn't delve into these specifics, its findings are in line with international trends regarding subscription habits and the challenges associated with managing them.
- Despite the technology advancements in the Far East, many residents struggle to manage their subscriptions, as revealed by the VTB poll, with 25% encountering unexpected payments for services they barely used in the past year.
- Personal finance can be significantly affected by these forgotten subscriptions, as 45% of respondents admitted to wasting between 300 to 500 rubles a month on unused services.
- Technology and gadgets, such as streaming services and smartphones, are common types of subscriptions globally, along with other services like cloud storage and membership clubs, which contribute to the challenges faced by individuals in managing their subscriptions.
