According to the findings of a survey by UK’s broadband ISP O2, consumers waste over £700 million – that is about £2.1 million per day - every year by going in for an internet service which is based on speeds rather than needs.

The O2 findings, based on a study of more than 2,000 consumers, reveal that while broadband users, on an average, pay for a package of ‘up to’ 20Mbps a month, the vast majority users actually require an 8Mbps connection to meet their broadband needs.

In an attempt to resolve this issue, O2 has revealed that it intends launching a new range of more economical, customized broadband and phone packages next week.

The new broadband packages to be released by O2 will be tailored to cater to the daily consumption needs of the consumers, instead of headline download speeds. For instance, while O2’s ‘The Basics’ package will chiefly be aimed at email and general browsing users; the company’s ‘The Works’ package will be suitable for the heaviest data users like those downloading films and playing connected gaming.

In addition to the broadband packages, O2 is also launching cheaper Home Phone line rental at £7.50 per month. The deal that O2 is offering implies that broadband and home phone packages will begin at only £15.50 per month. O2 will allow the customers to choose the option of either a 12-month contract or a rolling one-month contract.