How Much Does Smoking Really Cost over a Lifetime?
With the average cost of a pack of cigarettes at a little over $5.50, you may not realize just how much it costs to smoke over a lifetime. Although you probably know that it certainly adds up over time, the costs are truly staggering.
According to research conducted by WalletHub, on average smoking costs more than $1.6 million over a smoker’s lifetime. The personal finance website conducted a state-by-state analysis of the total financial cost of smoking, including the cost of a pack of cigarettes per day for several decades, health care expenses and other costs of smoking. The study assumes that the smoker in question is an adult that began at age 18 and smokes a pack a day until the age of 69. Out of the $1.6 billion, roughly $156 billion is due to lost productivity and $170 billion is related to direct health-related costs from smoking.
Not surprisingly, Alaska had the highest total cost per smoker due to the state’s higher cost of living. Alaska residents can expect to pay more than $ 2 million over their lifetime in smoking related costs. Smokers from Kentucky and West Virginia, the states that had the lowest costs, still paid well over $1 million.
One million dollars is an astronomical sum of money. This latest research from Wallet Hub adds one more reason to give up the habit. Just think of how many exotic vacations that you could take over your lifetime if you quit smoking today. While there is no denying that it is hard for most people to stop smoking, there are lots of products and resources out there to help you give up cigarettes, including e-cigarettes. These are a safe, easy way to help you quit the habit and start on a new path towards better financial and physical health.