Consumers are throwing away more than £2 million per day on broadband packages that do not suit their needs, according to O2.
O2 has claimed that broadband users across the UK are wasting millions of pounds every day because they are signed up to packages they are not fully using.The home phone and broadband provider conducted a study, which found the average consumer pays for speeds of up to 20Mb/s, but in reality only requires an up to 8Mb/s service.
Consequently, it revealed that customers could collectively be wasting as much as £2.1 million every day - or more than £700 million per year - on paying for speeds they do not need.
It reached this conclusion after discovering that only 18 per cent of Brits use bandwidth-hungry multimedia services such as BBC iPlayer, while just five per cent download music.
"Our industry needs to tailor its services to people's needs, help consumers understand exactly what they should be buying and avoid marketing based solely on speed," claimed head of O2 Home and Broadband Felix Geyr.
This news comes after Virgin Media called for internet service providers to give customers the average broadband speeds they can expect to receive.