You could be missing out on £182 a YEAR by missing out on loyalty schemes, survey reveals

SHOPPERS could be missing out on £182 a year – by failing to use loyalty, reward or cashback schemes.

A study of 2,000 adults found 85 per cent take advantage of cashback deals and loyalty programmes, banking an average of £15 a month in savings.

In fact, 11 per cent of those signed up are taking home £30 or more each month.

More than a quarter (29 per cent) said they were pleasantly surprised by how much they earnt from reward schemes.

And 85 per cent believe it is more important than ever to make their spending work harder for them – with 30 per cent signing up to more memberships since rising cost of living challenges.

However, 13 per cent of those polled have been using such loyalty schemes for at least 20 years.

Gill Roberts from M&S Bank, which commissioned the research as it marks the twentieth year of the , said: “In today's ever-changing economic landscape, it's great to learn shoppers are embracing the power of loyalty and reward programmes like never before to ensure they’re maximising their hard-earned money.

“In a world where every penny counts, these reward programmes empower people to make the most out of their purchases, whether treating themselves or helping the everyday budget stretch further, ensuring their loyalty is not just appreciated but also rewarded.”

The research also revealed over a third (37 per cent) are using their points to pay for everyday purchases, while 27 per cent store them up for a treat on a special occasion.

The most popular items for reward redemption are groceries, beauty products and fashion – and money off vouchers and discounts are seen as the best rewards by 62 per cent.

However, 13 per cent often forget to redeem them at all and seven per cent don’t even know how to.

But 52 per cent have signed up to at least one new loyalty programme in the last 12 months, with the average spender being a member of five.

Nearly half (45 per cent) have recommended a reward programme to someone else, and 57 per cent would be more likely to shop with a brand or retailer if they have a loyalty scheme.

Over half (55 per cent) said the most important thing to consider when joining a reward programme or membership is how easy it is to sign up, while 29 per cent wanted an app so they could track their points.