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% take advantage of cashback deals and loyalty programmes, banking an average of £15 a month in savings.
But one in ten (11%), of those signed up to such schemes, are taking home £30 or more each month – and 29% say they are pleasantly surprised by how much they earn from reward schemes.
Meanwhile, 85% believe it is more important than ever to make their spending work harder for them – with three in ten signing up to more memberships since the rising cost-of-living challenges. However, 13% 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 M&S Credit Card, 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%) are using their points to pay for everyday purchases, while 27% store them up for a treat on a special occasion.
The most popular items for reward redemption are groceries, beauty products, and fashion – with money-off vouchers and discounts seen as the best rewards, according to 62% of those polled.
However, 13% often forget to redeem them at all, and 7% don’t even know how to.
It also emerged that over half (52%) have signed up to at least one new loyalty programme in the last 12 months, with the average spender being a member of five.
And 45% have recommended a reward programme to someone else, while 57% say they would be more likely to shop with a brand or retailer if they have a loyalty scheme.
Over half (55%) said the most important thing to consider when joining a reward programme or membership is how easy it is to sign up, while 29% wanted an app so they could track their points.
And nearly two-thirds (62%) of those polled, via OnePoll.com, were already shopping with the brand when they joined their scheme, with 51% believing that loyalty does pay.
