Londoners save £456 a year by cutting subscriptions – but impulse spending wipes out gains

New research from HSBC UK shows Londoners are saving hundreds by cancelling unwanted subscriptions – but impulse purchases and ‘invisible spending’ mean many are still losing control of their money.

Londoners have emerged as some of the savviest subscription-cutters in the UK, saving an average of £456 a year by cancelling services they no longer need. More than half (60%) of those savings are redirected straight into their savings accounts – highlighting how capital dwellers are keen to put cancelled costs to better use.

The most commonly cancelled subscriptions among Londoners include streaming services (48%) such as Netflix, followed by delivery memberships (30%) like Amazon Prime. Yet despite their proactive approach to cutting back, 45% admit they continue paying for other services because they “think they’ll use them more in the future.”

This reflects a broader national picture uncovered in HSBC UK’s latest Invisible Spending campaign – which surveyed 2,000 UK adults. The research found that across the UK, people are saving an average of £34 a month (£408 a year) by cancelling subscriptions. The most axed services nationwide are streaming platforms (51%), music subscriptions (30%), and delivery memberships (29%).

However, despite these savings, many Brits – including Londoners – are still losing money to ‘invisible spending.’ On average, people waste £61 a year on services they no longer use but forget to cancel. Nearly half (48%) admit the ease of direct debits makes them delay cancelling, while 43% say they keep subscriptions “just in case.” Almost a third (29%) admit that ‘fear of missing out’ (FOMO) prevents them from hitting cancel.

Millennials hit hardest

The findings show Millennials (aged 29–44) are the most impacted. They cancel more subscriptions than any other generation – saving £37 a month – but still waste the most, at £69 a year. They are also the age group most likely to feel caught out by automated payments, with more than half (54%) saying direct debits delay their decision to cancel.

Impulse spending undermines progress

Londoners’ saving efforts are also being undercut by impulsive habits. The survey revealed that 63% of Londoners admit to impulse spending, with 45% saying the lead-up to a special occasion (such as their birthday) is when they splash out most.

Nationally, more than six in ten (62%) Brits admit to impulse buying, rising to 71% among Gen Z and Millennials. The most common triggers are boredom (44%) and day-to-day stress (41%).

This highlights how, even as people rein in recurring costs, spur-of-the-moment spending continues to undermine financial discipline.

A need for better financial oversight

The research also reveals strong demand for clearer money management tools. An overwhelming 95% of people say they would find it helpful if their banking app clearly displayed all their subscriptions in one place.

Sabine Fichaux, Head of Transactional Banking at HSBC UK, said:
*”Subscription services have made life more convenient – but they’ve also made it easier to lose track of what we’re paying for. Our research shows that people want clarity and control, whilst still budgeting for the things that matter to them.

At HSBC UK, we’re committed to delivering that clarity to our customers. HSBC UK’s newly redesigned mobile banking app offers customers a variety of financial tools for spending and budgeting insights – including the ability to see upcoming payments and subscriptions, and easily cancel them if that is wanted.”*

Invisible spending – a hidden drain on London wallets

The picture is clear: while Londoners are ahead of the curve in cancelling subscriptions and putting savings aside, impulse buying and lingering direct debits mean many are still losing control of their finances.

With the average Londoner saving more than the national average (£456 vs. £408) but also admitting to habits that undermine their progress, the research shines a light on how ‘invisible spending’ continues to affect even the most proactive consumers.

For many, the combination of cancelled subscriptions, redirected savings, and better oversight tools could be the key to staying in control of their money – and ensuring their hard-earned savings don’t disappear as quickly as they’re made.