4 in 10 Brits failing to make use of cashback schemes, lacking out on potential financial savings
A staggering four in 10 Brits are missing out on ‘free money’ due to loyalty rewards, discount cards, or cashback points expiring before they’ve had a chance to make use of them.
According to a study of 2,000 adults, 20% only occasionally tap into cashback schemes or other wallet-friendly tricks when shopping.
It turns out that the top reasons for shoppers skipping on savings are the complicated nature of schemes, the time they take up, or simply because they can’t be bothered.
The survey also showed over a quarter are dubious about such schemes being a scam, while a hefty 61% reckon the amount needed to be spent on credit cards before reaping rewards is too high.
Mark Plowright, director of Virgin Trains Ticketing which promotes the purchase of railcards through its app and website, commented: “We all wish our money could go a bit further.”
“Railcards are one of the most efficient cash-savers out there, yet 64% of train travellers don’t own one. Many will know the agony of saying goodbye to their young person’s railcard, but a host of other options exist to keep those savings rolling.”
From the study, it emerged that seven out of ten (69%) believe direct cash rewards trump all other company-offered benefits. Trailing behind in popularity are discount vouchers at 37%, with free products, services, or jaunts pegged at 26%.
Even as a whopping 84% think squeezing the most out of every penny is crucial nowadays, 43% confess that they often overlook places they frequent which have reward programs they haven’t signed up for.
A whopping six out of ten (59%) Brits have admitted they would be more likely to use a loyalty reward scheme if the process were simplified.
For those who do manage to save, over half (56%) have been left gobsmacked by the sheer amount they’ve managed to stash away.
However, 14% have accidentally splashed out on a pricier train ticket or forgotten to use their railcard, while 38% don’t believe a railcard can make much of a dent in their travel costs despite those with a 16-25 or 26-30 railcard being able to slash their train travel cost by a third.
Mark Plowright from Virgin Trains Ticketing, which helps travellers pinch pennies on their next train ticket by earning points on travel, chimed in: “With the cost of living still a huge issue, it’s more important than ever to be financially savvy.”
“Utilising rewards programs, loyalty schemes and discount cards can help save money on essentials and make the most of your spending.”
