A novel research commissioned by O2 has claimed that users in UK are paying significantly more for their broadband services, compared to what they actually need.

Figures have revealed that broadband users in UK waste around £1.2 million a day or an equivalent £750m every year, by opting for broadband services that offer high speeds. However, the users actually don’t require such high speeds for their normal surfing and downloading needs.

The same study conducted by Populus using a ThinkBroadband. com speedchecker has outlined that on an average basis, a broadband user shells out a package of over 20Mps per month. The surprising fact is that a broadband speed of over 8Mbps is adequate for majority of consumers in UK.

The broadband Companies need to alter their service packages according to the consumers’ needs and should assist them in construing that which service package is appropriate for their use, O2's head of home and broadband, Felix Geyr explained.

In addition, Felix posted that such a move could eradicate the incorrect practice of selling broadband packages, based solely on speed.

This, O2 reckons, means that on the whole, customers are losing around £1.2 million a day or nearly £750 million a year, to pay for faster-than-needed services.