Press Release: Gym Memberships
With over half of the UK’s gym memberships currently going to waste, Personal Finance Expert Dan Whittaker from Viva Money shares five fitness ideas to try in place of forking out on expensive membership fees in the New Year.
After a festive period full of foodie indulgence, many of us start the New Year with good intentions.
Statistics show that 12% of all gym sign-ups occur in January, compared to 8.3% at any other time of the year.
14% of people in the UK are members of a gym, with a further 19% planning to join in the next calendar year.
By the end of January, 4% of new sign-ups will have already quit, and 50% are expected to follow suit by May, adding to the 67% of unused gym memberships in the UK.
According to data released by Xplor Gym in March 2023, the average gym membership costs £44.92 a month. Parting ways with the gym just weeks after you’ve started but continuing to pay the membership fees could set you back £539 over the course of a year.
Dan Whittaker, a Personal Finance Expert from Vivamoney.co.uk, says, “January is a time when many of us make resolutions and think about how we can improve ourselves and our wellbeing. In 2023, goals relating to health took the top spot for resolutions, with 28% of people vowing to work on this area of their lives in the new year.”
Dan further acknowledges the difficulties some may face in sticking to their resolutions: “Everyday life can often get in the way of our plans. When it comes to keeping up a gym habit, it can be easy to allow your motivation to dwindle. This could be blamed on a variety of excuses, including being too tired, feeling as though you haven’t got enough time, or simply concluding that the gym isn’t really for you.
It's important to be honest with yourself. Gym memberships do not come cheap, and you could end up wasting up to £44.92 a month, on average. If you’ve fallen out of love with the gym for whatever reason, you should consider ending your membership. People often make the mistake of keeping their membership open, ‘just in case,’ which could lead to an average of £539 being wasted in just 12 months.”
Dan shares some alternative, cheaper options you may consider before signing up to the gym in 2024.
1. “If you have the room, it may actually work out cheaper to buy certain gym equipment and machines for your own home. You may find that you feel more inclined to blast half an hour on the treadmill when you can do it from the comfort of your own home, rather than trying to find the motivation to get out of the front door. Treadmills can be purchased from various shops and sites such as Argos for under £500, and sets of weights start at around £50.”
2. “You don’t even need to fork out on all of the gear to reap the rewards of working out from home. YouTube is full of fitness videos for all abilities. Activities such as yoga, Zumba and Pilates can also be done from your living toom, and are equally as good for you.”
3. “Have you considered taking up jogging? Running a free way to boost your cardio, and has many health benefits, including strengthening muscles and joints, and improving mental health. Check out the free NHS Couch to 5K app to help you get started. Got the bug? parkrun is free timed 5k event held every Saturday morning across the UK. Visit the parkrun website to find your nearest site.”
4. “Fitness goals don’t need to break the bank to make a difference to our physical and mental health. There are plenty of small changes you can make in your everyday life to kickstart your journey. Try taking the stairs rather than the lift, or dedicate half an hour of your lunchbreak to a brisk walk outside. Popping out to the corner shop? Go on foot, rather than jumping straight in the car.”
5. “If you still feel that the gym is the best option for you, you may benefit from waiting a month or two before joining. It may come as no surprise that January is the most popular month for new memberships, and this is closely followed by September and October. November and December are the least popular months to sign up, meaning you may be able to cash in on lower prices. Keep your eye out for promotional offers.”
Viva Money has investigated how you could prevent a loss of £539 per year on unused gym memberships.
-ENDS-
About Viva Money
Viva Money is not a lender but is a fully regulated and authorised credit broker. Viva Money is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309)
Dan has worked in the consumer finance sector for over a decade in a number of roles, including developing and maintaining commercial partnerships, marketing, and digital development.
Dan has strong market and product knowledge across a range of consumer finance products including, but not limited to, credit cards, savings, loans, and mortgages.
Methodology:
· We took data from Xplor Gym, who revealed that the average monthly gym membership costs approximately £44.92 per month. We multiplied this figure by 12 to get a representation of an annual cost, which revealed the overall figure of £539 per year.
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