UK consumers are wasting more than £700m every year on under-utilised high broadband speeds.
According to a survey of 2,000 consumers by mobile operator O2, an average UK consumer pays for broadband speed of up to 20Mbps per month. This wastes £2.1m per day in the UK with the majority of consumers only requiring 8Mbps packages to support low bandwidth uses such as e-mail, web browsing and social networking.
Felix Geyr, head of O2 home and broadband, said, "In our survey 62% of broadband consumers would prefer their ISP to provide packages based on their specific needs. Therefore, our industry needs to tailor its services to people's needs, help consumers understand exactly what they should be buying and avoid marketing solely based on speed."
Internet service providers have come under scrutiny recently for advertising 'up to' rather than actual broadband speeds.
The Communications Consumer Panel has asked for Ed Vaizey, minister for communication, culture and the creative industries, to support Ofcom and the Advertising Standards Authority in their campaign to force ISPs to provide consumers with clearer information on broadband speeds.