Ever wonder how much time you spend on frustrating tasks like waiting on hold, blocking junk messages, and clicking to cancel unwanted subscriptions? We all have to deal with these hassles of daily life and a new study crunches the numbers to see how much the “annoyance economy” is costing us in time and money.
The research from the Groundwork Collaborative think tank focuses on what it calls “a torrent of small abuses heaped on consumers by bad actors and indifferent corporations.” According to the study, a major function of the annoyance economy is to make it harder for consumers to do anything that’s against a company’s financial interest. Chad Maisel, study co-author, explains, “It’s all the ways that people experience friction in their everyday life.”
- The study points out that as a rule, companies make it very easy to give them your money, but getting it back can be a challenge.
- We’re losing more of our time now, too. It turns out, over the last two decades, the amount of time people spend on the phone with customer service agents has gone up 60%.
It all adds up and the research shows the annoyance economy costs American consumers $166-billion a year in lost time and money. That breaks down to:
- Junk fees - $90 billion a year
- Phone scams - $25.4 billion a year
- Calls with health insurance administrators - $21.6 billion a year
- Waiting for medical services - $19.4 billion a year
- Robocalls - $8 billion a year
- Waiting for government services - $1.6 billion a year
Source: USA Today
However... There might be good news...
A Third Of Americans Expect Their Finances To Improve This Year
Thanks to rising prices and economic uncertainty, the cost of living is still a top concern for many of us. The stress of paying more for everything from groceries to housing is taking a toll, but new research suggests some people are optimistic about their finances in the year ahead. A new survey from YouGov reveals how U.S. adults expect their finances to change this year and what they’ll be spending on or cutting back on in 2026.
Let’s start with the good: according to the poll of 1,340 U.S. adults, 34% expect their financial situation to be better this year than it was last year.
- A third think it will stay about the same, while 28% think it’ll get worse.
- Younger adults are even feeling more positive, as almost half of those between the ages of 18 and 24 (45%) and 25 and 34 (48%) expect their finances to improve.
- It drops to 29% for those ages 35 to 44, while the 55 and older group is the most likely to expect their finances to worsen (32%).
- Slightly more than half (53%) of all respondents have a budget for this year, up from 46% last year.
- The most common reason people have created a budget is to make sure they have enough money for bills (66%), and about half (49%) say they have one to increase their savings in general.
- Others use a budget to stop over-spending (38%), to manage debt (35%) or to save for a specific goal (29%), like a deposit on a house.
- When it comes to spending habits, 66% of those who expect their finances to get worse this year say they’ll cut back on eating and drinking out. They also plan to spend less on clothing (54%), everyday conveniences like coffee or taxis (48%), subscriptions (48%) and traveling (46%).
- But some are also cutting back on essentials like groceries (33%) and housing or bills (16%).
- Almost a quarter (24%) of those who expect their finances to get better this year say they’re not cutting back in any area. They plan to spend more on groceries (22%), travel (21%), health and beauty (13%) and dining out (10%).
Source: YouGov
How will the war in Iran effect this news?
Scott's Thoughts:
- No wonder we’re broke and tired all the time!
- Calls not an issue for me. I just don't answer the phone. EVER!
- I feel like you’re spending a lot more time on the phone with customer service these days.