Marvin OnumonuStandard Life has said cancelling unneeded direct debits and putting that money into a pension could increase retirement savings by up to £37,000.
Research found the average Brit spends £39 a month on direct debits that are not used, such as streaming services and gym memberships.
Putting this amount into a pension instead could make a significant difference over time.
Someone starting work at 22 on a salary of £25,000 and paying the minimum auto-enrolment pension contributions could have a retirement fund of £210,000 by age 68.
Redirecting £39 a month from unwanted direct debits could increase this to £247,000.
Doubling the amount to £78 a month could boost the total to £283,000, a difference of £73,000.
The figures are based on 3.5% annual salary growth, 5% investment growth, and 2% inflation, with an annual management charge of 0.75%.
Mike Ambery, retirement savings director at Standard Life, said: “Unused direct debits have a habit of quietly draining our bank accounts in the background.
“The new year is often a time people focus on their physical health, but it’s also the perfect moment to think about your financial wellbeing too.
“Redirecting just a few of those forgotten payments into your pension could make a meaningful positive impact to your financial future.”
Ambery added: “However, it is important to double check terms and conditions of cancelling any direct debits or subscriptions to avoid potential penalties or impact on your credit scores.
“If your retirement is decades away, pensions might not feel urgent but small changes made early on can have an outsized impact thanks to tax relief and the potential power of compound investment growth.
“A financial reset in January can make a meaningful difference to the income you’ll have in later life.”
Ambery added that people should know the value of their pension, consider topping up with money saved from cancelled subscriptions, and review plans for retirement.
He stated that pensions can usually be accessed from age 55, rising to 57 from 2028, but taking money out early can affect future savings.
He said: “With the end of the tax year approaching, it’s worth checking whether you can make your money work harder.
“Most people can contribute up to £60,000 a year, or 100% of their earnings if lower, into their pension and benefit from tax relief.
“You may also be able to ‘carry forward’ unused allowances from the last three years.”
He added: “This can be particularly helpful if you’ve had a pay rise, a bonus, or some spare cash you’d like to put towards your future.”
