When reviewing their spending, consumers found the cost of their subscription services cost 2.5 times what they expected!

Answer: $219 per month on subscription services

Questions:

• Have you ever signed up for a monthly subscription?
  • If so, what do you subscribe to and how much do you pay?
  • If not, do you know any family members who have subscriptions (who knows, maybe you even use their Netflix account:)
• How can a consumer avoid paying for subscription services they rarely use or have forgotten about?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (C+R Research): 

"On average, $86 per month was the initial amount consumers estimated they spent on subscription services. 

But upon closer look at their itemized expenses, the average monthly spend for consumers was more than 2.5 times the amount they thought at $219 – a whopping $133 higher than their original estimate. Almost one-third (30%) of the people underestimated by $100 to $199 and nearly a quarter each underestimated by less than $25, $25-$99, and $200 or more."

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One way to avoid losing track of your subscriptions is to review your credit card statement. Here's the NGPF Activity - FINE PRINT: Credit Card Statement to teach your students how to interpret this statement.

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About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.