If you book a lot of travel, accommodation and handle ย overseas expenses, you’ll be familiar with the budget-busting annoyance of transaction fees and other hidden costs – and now a study says weย pay an average of ยฃ416 each a year.
Researchers who polled 2,000 UK adults found they spend around ยฃ35 a month on added charges when purchasing gig tickets, making travel bookings as well as transactions made abroad and other expenses.
Insurance companies appear to be the biggest culprits โ on average those polled fork out ยฃ37.81 a year on unexpected charges.
And it also emerged weย pay out around ยฃ12 a year in transaction fees alone – just for making online purchases.
Hotel bookings are also liable to cost more than ยฃ30 more than first advertised, once all extra charges are added on.
It also emerged one in three have made a complaint over a hidden charge or additional fee โ and four in 10 have even cancelled a payment or booking because of them.
A further 37 per cent have considered complaining to their vendor, but havenโt gone through it โ with 23 per cent simply too busy to express their frustration.
A huge eight in 10 of those polled admit to being frustrated by hidden charges and 67 per cent believing they shouldnโt be added late on in a payment process.
The study was conducted by BOXT (www.boxt.co.uk), an online boiler company, whose Sales & Marketing Director, Alan Dickinson said: โWe all pay out plenty of money each month to keep our lives rolling on.
โSo itโs frustrating to think youโve got all your money sorted out, only to find that thereโs a hidden charge or a fee you hadnโt realised was incoming.
โFrom mortgage payments or rent through to buying groceries and clothing, our bank balances are always in a battle to stay above the red line.
”Consumers increasingly want more convenience and clarity for what they are buying.
”Our research shows that simple and honest pricing is the only way businesses can get ahead in a world where your brand can be hurt on social media in an instant.โ
The research also found Brits spend more than ยฃ22 a year on top of the basic price for gig or event tickets – on โmysteriousโ extra fees.
Just under one in ten have complained through social media about hidden fees.
And one in 20 respondents have been hit with extra charges between ยฃ81-ยฃ100 – on a single transaction.
Unsurprisingly, the vast majority of Brits would prefer a service or product where all costs were announced up front โ even if this put the price up.
And three quarters said they are less likely to buy a product or service again if they incur hidden costs or additional charges.
A YEAR OF EXTRA PAYMENTS – BREAKDOWN
Late fees โ ยฃ9.96
Transaction fees online โ ยฃ11.23
Transaction fees abroad – ยฃ10.42
Booking a suitcase on a flight โ ยฃ12.64
Paying for extra weight on a suitcase – ยฃ7.91
Paying for a seat on a flight – ยฃ14.97
Paying to change names on a flight – ยฃ7.75
Paying to change flight dates/destination – ยฃ8.64
TV subscriptions โ ยฃ27.42
Broadband – ยฃ35.81
Event/gig tickets – ยฃ22.32
Hotel bookings – ยฃ30.23
Hotels on arrival such as minibar – ยฃ10.43
Car hire – ยฃ13.48
Insurance – ยฃ37.81
Credit or Debit card fees – ยฃ15.49
Overnight/fast delivery fees – ยฃ10.74
General delivery fees – ยฃ17.54
Booking fees – ยฃ14.51
Overdraft fees – ยฃ14.18
Running over data fees – ยฃ10.63
Customer service call charges – ยฃ11.67
Fee to ensure your hand luggage doesnโt go in the hold on a flight – ยฃ8.25
Compulsory tipping/service charge – ยฃ16.17
Call out fees for contractors like plumbers, electricians etc – ยฃ13.92
Emergency fee for contractors – ยฃ11.13
Fees for additional work not quoted for when using contractors โ ยฃ11.37
TOTAL: ยฃ416.62
