A new survey of 2,000 adults found the main reasons shoppers miss out on savings are due to loyalty scheme being too complicated, time consuming or they simply can’t be bothered.
Four in 10 Brits have missed out on ‘free money’ from loyalty rewards, discount cards or cashback points because they have expired before they can use them.
A study of 2,000 adults also found 20% only ‘sometimes’ use cashback schemes or other money-saving tricks when making purchases.
The survey found over a quarter are unsure if it’s just a scam, and 61% think you have to spend ‘a lot’ of money on a credit card before getting decent rewards.
Mark Plowright, director of Virgin Trains Ticketing, which lets customers purchase railcards on the app and website, says: “We all wish our money could go a bit further.”
“Railcards are one of the most efficient cash-savers out there, yet 64% of train travellers don’t own one.”
“Many will know the pain of growing out of their young person’s railcard, but there are lots of others available that can help save money.”
Do you know how to make your money stretch further? Take the quiz to find out.
The study found seven in ten (69%) consider pure cash rewards the best benefit a company can offer. Second on the list was discount vouchers (37%), followed by free products, services or trips (26%).
Even though 84% believe it’s now more important than ever to get the most out of your money, 43% admit there are places they often shop at, which offer rewards, but they’re not signed up to them.
A whopping six out of ten (59%) Brits have admitted they would be more likely to use a loyalty reward scheme if the process were simplified.
For those who do manage to save, over half (56%) have been pleasantly surprised by the sheer amount they’ve managed to stash away.
A staggering 38% don’t believe a railcard can save them much despite those with a 16-25 or 26-30 railcard being able to slash their train travel cost by a third.
However, 14% have accidentally purchased a pricier train ticket or forgotten to use their railcard.
Mark Plowright from Virgin Trains Ticketing, which helps travellers save money on their next train ticket by earning points on travel, said: “With the cost of living still a huge issue, it’s more important than ever to be financially savvy.”
“Utilising rewards programs, loyalty schemes and discount cards can help save money on essentials and make the most of your spending.”
