Almost four and a half million GB adults now have a regular gym subscription, according to our latest research (1).
The average monthly gym subscription now costs £50(2) – that’s a combined sum of £142.7 million being paid out each month(3). With the number of subscriptions set to soar as the New Year approaches and so much money at stake, consumers are being urged to keep one eye on their bank accounts.
Currently, 57% of gym members keep on top of their gym subscription by using Direct Debit. This offers a hassle free, secure and trusted method which allows payments to go out every time on time. All that’s needed is a little time each month to ensure you are happy with the amount leaving your account.
Those interested in using Direct Debit should follow the checklist below:
- Ensure that the amount collected from your account each month is correct and tallies with your billing statements
- Set up your preferred payment dates for just after you have been paid so you know there are enough funds in your account
- Know your rights – the consumer has the right to cancel a payment and each Direct Debit is protected by the Direct Debit Guarantee
The figures were produced as part of the Consumer Payments Survey (CPS), an annual survey sponsored by Bacs. The survey, which began in 1988, provides a consumer based measure of financial behaviour and includes attitudes to money, banking behaviour, and Direct Debit. The fieldwork, which is representative of the GB population, is carried out by IPSOS-MORI.
For more information about Bacs and our services visit Bacs key facts.
Contact Bacs press office.
Notes
(1) CPS data: 2006 – 4,459,000 GB adults have a regular gym subscription
(2) http://www.activeathome.co.uk/
(3) CPS states the 64% of people with a gym subscription pay monthly 64% of 4,459,900 people is 2,852,760 x £50 = £142,688,000
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