British People Pay an Average of Over £400 in Hidden Fees Each Year

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British People Pay an Average of Over £400 in Hidden Fees Each Year

New study results show British people are paying more than £400 every year in buried charges.
Among the places these hidden fees charges appear include booking and insurance fees.

Added Charges

People throughout Great Britain are paying an average of £416 in hidden charges and fees every year, says a new study. The research was conducted in the form of a survey by the BOXT boiler company. The researchers polled 2,000 adults living throughout the United Kingdom. They determined that people are spending an average of £35 per month on added charges. These fees are applied while booking travel, tickets, international purchases and other expenses.
Among the fees charged, it appears that insurance companies are charging the most. Policyholders are paying an average of £37.81 per year on unexpected fees. The research also determined that people are facing about £12 in additional fees every year for completing online transactions.

Hidden Expenses

“We all pay out plenty of money each month to keep our lives rolling on,” said sales and marketing director Alan Dickinson. “So it’s frustrating to think you’ve got all your money sorted out, only to find that there’s a hidden charge or a fee you hadn’t realised was incoming.”
Dickinson pointed out that people already face a long list of expenses just to make it through their daily lives. They have rent or mortgage payments, grocery bills, clothing and many other costs that must be covered in order to “stay above the red line.”
Increasingly, consumers are seeking convenience and transparency when they shop. Dickenson stated that the research indicates that the only way for businesses to move forward in a social media driven world is to be direct and honest about pricing.

Added Fees

The research indicated that British people are also spending an average of over £22 per year beyond the price of the prices they are paying for event or concert tickets. Another fee often paid every year is in hotel bookings. The average added fee paid for that transaction is £30 over the originally advertised price.
The study determined that one in three people have complained of having experienced a hidden or additional fee. Moreover, four in ten people have cancelled a transaction because they do not want to pay additional fees applied at checkout.