Survey suggests Australians are overspending on gym memberships

Millions of Australians are overspending on their gym membership, according to new research from Finder.

The recently released survey found nearly a third of gym-goers (32% - 1.2 million Australians) are spending more than $20 per session, based on how frequently they work out.

This includes 8% who are wasting $1,024 per year just to attend the gym once or not at all.

The research found the 5% of Australians who attend once every six months are spending the equivalent of $512 per session, while it costs $256 per session for the 7% who use their gym once every three months.

Finder revealed that the average weekly gym spend is $19.70 per week, which, for the average gymgoer who attends around twice a week, equates to $8.60 per session.

Finder Senior editor of money, Sarah Megginson said many Australians are torn between saving money and keeping in shape, commenting "an aspirational membership might feel good to have, but it's hurting your pocket and not helping your fitness.

"If you're not attending regularly, you're just pouring money down the drain and you'd be better off putting the money in a high-interest savings account or investing it."

The data shows women (24%) are more likely to have a gym membership than men (16%).

Millennials are spending the most on their membership, at an average of $13.90 per session – more than double what generation X are paying ($6.90 per session).

Megginson suggested exercisers make the most of "gym franchises (that) run free trials and introductory deals.

"If you truly enjoy going to the gym, it can be a great investment. But if you're holding onto the membership hoping that paying a weekly fee will 'guilt' you into going, and you still haven't made it a habit, consider where that money could be better spent.

"Some gyms are pricier than others, so check out what's around you and compare prices before joining. Remember just a few dollars of savings per week can make a huge difference over a year."

Adding that Australians could also save money by taking advantage of certain insurance policies, Megginson concluded "if, for example, you're a fan of Virgin Active or Fitness First, it's actually cheaper to take out a life insurance policy with AIA than to just pay for the gym membership on its own.

"That's because AIA offers 50% off memberships at certain gyms when you take out a policy. So you end up with a gym membership and life insurance coverage at no extra cost."