Financial costs of smoking huge, report indicates

10/03/2009

Huge savings can be made for smokers willing to kick the habit, Abbey has claimed.

According to a new report from the firm, a total of £157 billion could be saved in 2009 if one million smokers quit - equating to £1,570 each.

Abbey also found that the typical smoker, who has a 16-a-day habit on average, spends £130 a month on cigarettes.

There are also extra cost benefits to giving up, according to the Abbey report.

It found that Britain's ten million smokers would save around £8,000 each on life insurance - and a total of £71 million on disposable lighters.

Reza Attar-Zadeh, director of savings and investments at Abbey, commented: "Smoking is clearly 'dragging' down our savings potential, so it's great to see that so many people are poised to use the credit crunch to kick the habit.

"We wish them the very best of luck."

The report was released of national No Smoking Day, which is marked tomorrow (March 11th).

Tags; Income Worries and Debt, Recent Graduate Debt,

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