...By Larry John for TDPel Media.
A study of 2,000 adults who use nicotine, including cigarette smokers, found that the average smoker spends £1,950 on cigarettes per year, adding up to a staggering £120,900 over their adult lifetime.
Smokers have spent enough on cigarettes to afford four brand new family cars or two house deposits.
Alternatively, they could afford 15 luxury Rolex Submariner watches or Hermes Birkin handbags with cash left over.
The research also found that 67% of smokers know they are wasting their money, but three-quarters have tried and failed to quit.
Of those who want to quit, 74% named money as their main motivation, just ahead of improving their health (72%).
The study was commissioned by Unsmoke UK and created an online calculator that shows the potential savings that smokers could make by quitting.
Christian Woolfenden, managing director of Philip Morris Limited, which commissioned the study, said that seeing the figures laid out in front of smokers is surprising.
The study also found that vapes, nicotine pouches, and heated tobacco are less expensive than cigarettes.
Users of disposable vapes spend an average of £1,008 a year on the product, while nicotine pouch users have an average annual spend of £1,414, and those who use heated tobacco spend up to £31.30 per week.
Smokers who want to quit can be motivated by the potential savings they can make.
The study found that smokers could save up to £18,400, the average cost of a wedding in the UK, by quitting smoking in around six years.
The research also revealed that nearly half of smokers (47%) were not aware that the price of a pack of 20 cigarettes was due to increase as of March 15.
Once made aware of the plan, 45% were more inclined to try and stop smoking once and for all.
Quitting smoking is always the best option, but for those who don’t quit, switching to smoke-free alternatives can deliver smokers huge savings and reduce the levels of harmful chemicals they are exposed to.
The research highlights the need for smokers to consider the financial costs of smoking, as well as the potential health risks.
