Who doesn't like Netflix and chill? Firing up a streaming service when you sit down to relax after a long day is a common practice now. From streaming services to daily meals, there is now a subscription for everything. While these offer convenience and personalized experiences, managing too many subscriptions can sometimes be overwhelming.
According to a recent study, 40% of people feel overwhelmed by the subscriptions they manage. This phenomenon is referred to as "subscription fatigue" and is growing constantly.
What Exactly is Subscription Fatigue?
Subscription fatigue occurs when a consumer feels overwhelmed and frustrated by the number of subscription services and products they are paying for. Since countless subscription services have emerged, this has become very common. However, it isn't limited to streaming platforms; it extends to other sectors.
The subscriptions can pile up on consumers with multiple monthly fees and trouble managing them. This makes it challenging to keep track of and use the services or products fully.
Is Subscription Fatigue Real?
As revealed by ExpressVPN, about 40% of people in the US, UK, France, and Germany felt overwhelmed by their digital subscriptions. Around 22% of people pay for one subscription, another 20% are subscribed to two, and around 18% manage three. As this number keeps climbing, the complexity of managing them increases.
Surprisingly, this survey reveals that 14% aren't paying for any digital subscriptions at all. This is surprising in today's subscription-heavy world. However, there is a high chance that these individuals are relying on free services or using subscriptions paid for by someone else.
Is the Financial Burden Adding to Your Stress?
The financial side of managing multiple subscriptions can also feel like a burden. This research shows that nearly 30% of Britons spend between £21 - £40 ($26 - $50) per month on their subscriptions. This number is very similar in the US, with around 26% of people shelling out $21 - $40 monthly. Meanwhile, in France and Germany, people spend around €11 - €40 ($12 - $44) monthly.
These costs can easily sneak up, turning small monthly payments into a significant chunk of your budget.
Are You Sharing Subscriptions? It Might Not Be the Solution You Think
Sharing subscription accounts is very common and helps save money. About 31% of people share their digital subscriptions with family, and 14% share them with friends.
Doing so seems like a win-win situation, as people split the cost, making expensive services affordable. However, this approach has its drawbacks. Managing shared accounts requires giving people password access, which requires a high level of trust. Account security can also be compromised if the login details are shared with many.
Additionally, by doing so, users may experience conflicts like being unable to stream on multiple devices at the same time, as many subscription services don't allow it. Sharing subscriptions may ease financial burdens, but it doesn't make managing them easy.
How to Manage Subscription Overload?
If you want to ease the burden of managing subscriptions, here are some ways to reduce your stress:
Consolidate Services: Choose subscriptions that offer bundled solutions. Several platforms offer combined options for streaming, music, and others. Doing so will reduce the number of accounts to be managed, saving both time and money.
Use a Subscription Management Tool: Using a subscription management tool will help track and manage all subscriptions in a single place. It will offer a unified interface that will make tracking, managing, and canceling subscriptions easier.
Prioritize Value Over Quantity: Don't subscribe to every app and service. Choose the ones that best meet your needs and budget. Do ask yourself if you'll be using the service enough to justify its cost.
Set Renewal Reminders: Always set reminders to renew your subscriptions in a timely manner to avoid any surprise charges. It will also let you decide whether to keep or cancel the service before the next charge.
Not Ready to Cancel? You’re Not Alone
Most people, swamped by multiple subscriptions, won't cut back. 63% of people still have no intention to reduce the number of services they are subscribed to. This shows that the subscriptions are worth more than the fatigue of managing them. However, 37% of people are trying to make some changes.
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