UK mobile phone users are wasting around £5 billion every year by subscribing to the wrong mobile contracts, a report has claimed.
According to a study by Billmonitor, on average Britons waste around £195 per user every year on badly chosen contracts, almost half of the amount they spend on mobile phone contracts each year, The Guardian reports.
Billmonitor, which is an Ofcom approved bill analysis firm, said that Britons waste £5 billion each year by getting into the wrong mobile contracts after over-estimating their minutes and text message requirements.
The company revealed that 76 per cent of the 33 million mobile phone subscribers in the country were overpaying their mobile services provider. Billmonitor analysed 28,500 anonymous mobile phone bills in the study.
The study found that 52 per cent of the people that are on the wrong contract are subscribing to tariffs that are too large for them, wasting around £2.62 billion, while 29 per cent are on contracts that offer a too low tariffs that result in wastages of £1.53 billion.
The company said that 19 per cent were in the right contracts but failed to utilise the benefits that come with their contracts like free calls and text messages. Billmonitor concluded that just 24 per cent of Britons were not wasting any money on their mobile phone contracts.