Seeing that it’s the new year and people are still looking for justifiable reasons to fulfill their resolutions, I figured that I would help encourage those people who gave up smoking. So often, people look towards the health hazards when it comes to smoking, but they don’t look at the financial pitfalls of the habit.
WalletHub has released a report that points to the staggering financial implications of smoking. State by State, they have broken down the yearly and lifetime costs (societal and economic) associated with smoking.
When a friend of mine moved back to Buffalo from Seattle a couple of years ago, one of the first things that she said to me was that she was surprised at how many people still smoked here. Before she mentioned that, I never thought much about it, because in my mind I didn’t see that many people smoking compared to when I was younger and it was legal to smoke in bars and restaurants.
Also, a couple of my friends who once smoked cigarettes have now resorted to puffing on e-cigs. Of course there is still a major controversy swirling around the use of the electronic cigarette – it will be interesting to see how the e-cig fares as more studies are conducted. Recent reports don’t look to be that good. But if the e-cig can be used to ween smokers from smoking at all, maybe that’s another story.
It is estimated that there are 36.5 million tobacco users in the U.S.
Thanks to my friend’s observations on the number of local smokers she encountered, I felt inclined to post these statistics today, in hopes that those who were trying to kick the habit might be further encouraged to do so.
Following are just a few of the statistics, as they relate to smokers in New York State.
The below figures calculate the potential monetary losses — including the lifetime and annual costs of a cigarette pack per day, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.
The Financial Cost of Smoking in New York (1=Lowest, 25=Avg.):
- Out-of-Pocket Cost per Smoker – $194,341 (Rank: 51st)
- Financial-Opportunity Cost per Smoker – $1,637,046 (Rank: 51st)
- Health-Care Cost per Smoker – $226,057 (Rank: 47th)
- Income Loss per Smoker – $241,818 (Rank: 36th)
- Other Costs per Smoker – $13,764 (Rank: 42nd)
- Total Cost Over a Lifetime per Smoker: $2,313,025
- Total Cost per Year per Smoker: $45,353
For the full report, click here.