A recent study has revealed that many Brits are missing out on potential savings from cashback and discounts. The research, which surveyed 2,000 adults, found that four in 10 people have missed out on benefits such as loyalty rewards, discount cards, or cashback points because they expired before being used. Additionally, the study uncovered that 20% of participants only ‘sometimes’ utilise cashback schemes or other money-saving techniques when making purchases, citing reasons such as complexity, time constraints, or lack of motivation.
According to Mark Plowright, director of Virgin Trains Ticketing, many individuals are missing out on significant savings by not taking advantage of schemes like railcards. He highlighted that despite railcards being effective money-savers, 64% of train travellers do not own one, leading to missed opportunities for reduced travel costs. The study also found that 69% of respondents consider pure cash rewards to be the most appealing benefit offered by companies, followed by discount vouchers (37%) and free products, services, or trips (26%).
Furthermore, the research revealed that simplifying the process of loyalty reward schemes could encourage more people to participate, as 59% expressed a willingness to engage if the process were made easier. Surprisingly, 43% of participants admitted to frequently shopping at establishments with rewards programs but had not signed up for them. Despite 84% of respondents believing it’s increasingly important to stretch their money, over half (56%) were surprised by the amount saved when they managed to do so.
Notably, some individuals have overlooked the potential savings provided by railcards, with 38% doubting the substantial savings they offer. However, railcards for those aged 16-25 or 26-30 can reduce train travel costs by a third, highlighting the missed opportunities for savings. Mark Plowright emphasised the significance of being financially savvy, especially in the current economic climate, by utilising rewards programs, loyalty schemes, and discount cards to maximise spending efficiency.