UK households could be wasting £625.3 million on their broadband bills every year by paying for speeds they don’t need, according to estimates from a new study.*

The research found that over a quarter (28%)** of broadband users – roughly 7.5 million households nationwide – have faster packages than they actually need.***

The research from Go.Compare broadband asked UK residents how they use their broadband and which speeds they’re paying for. According to the comparison site, many stated that they were paying for faster speeds than they needed, based on their usage requirements – meaning they could be wasting money.

Go.Compare’s broadband experts are now urging customers to consider what they use their Wi-Fi for and to check which speeds they actually need, as switching to a slower package could save a significant amount of money, without affecting your online activities.

So, how much money could UK households save? Go.Compare estimates that those overpaying are spending £6.93 more per month on average than they need to – which adds up to £83.16 annually.* Nationwide, this equates to a massive £52.1 million, meaning a fortune is being lost on broadband bills across the UK and there is a huge opportunity for households to save money.

Some could make an even larger saving – the research found that two thirds (64%) of those paying for speeds over 100Mbps don’t need broadband as fast as this.** These households could be overpaying by the most, spending an average of £9.94 more per month than needed.*

Additionally, over a third (35%) of people admitted that they don’t know what speeds they’re paying for, meaning many could be paying for a broadband package that doesn’t suit their needs.**

Catherine Hiley, spokesperson at Go.Compare broadband, commented: “When choosing which broadband package to buy, it can be tempting just to go for the fastest speeds. However, there’s no need to fork out for the top speeds if you only use your internet for basic activities.

“For example, if you just use your internet to browse your emails and watch low-resolution videos from time to time, speeds around 30 Mbps might suffice. On the contrary, if you have a house full of people who are streaming 4k videos, gaming online and working from home at the same time, you’ll probably need speeds in excess of 100 Mbps.

“If you’re not sure what speeds you need, use our free speed recommendation tool. Just tell us how many devices your household uses and what type of devices they are and we’ll give you an instant estimate.

“Remember that there are other factors to consider aside from speed and price, too. Many broadband packages include extra perks like streaming deals and free gifts, so be sure to take these into account to make sure you’re getting the best value for money.”

To find out more about broadband speeds and how to find the right package, visit: https://www.gocompare.com/broadband/what-broadband-speed-do-i-need/.