An estimated £5 billion is lost each year by UK mobile phone users across the country because they are not signed up for a contract that is properly set up to cater to their internet services, calls or texts says an analysis service study from Ofcom approved Billmonitor.
Due to the consumer incorrectly calculating how many texts they need or minutes they use in a month the study says the majority of people are paying way too much on their monthly mobile phone contracts. Over three quarters of all mobile phone users use less than their monthly contracts allow in call minutes and texts.
There are 52% that have the wrong contract because they are paying far too much utilizing only about 25% of their monthly allowance and this wastage in the UK totalled more than £2.62 billion.
Secondly, users that had contracts that were too small amounted to £1.5 billion but only 29% of the total wastage because of overuse of minutes and texting. And only the remaining 19% used the correct minutes but wasted money due to not using almost all of the other benefits like free data usage and texting.
Those that were labelled as not wasting anything amounted to only 24% of all mobile phone users. It is worth considering very carefully the pluses and minuses of a contract before signing in order to see exactly what your usage will be in order to not waste minutes or pay extra because of over usage.