Quitting smoking could save you more than £150,000 over your lifetime | Personal Finance | Finance

Young women who quit smoking could save an average of £163,702.50 over their lifetime, new research suggests.

Research from Go Smoke Free found that 20-year-old women have the highest potential lifetime savings if they quit smoking, with 20-year-old men just behind with potential lifetime savings of £156,585.00.

Next up were 25-year-old women, who could also expect to have high savings from quitting smoking, with a potential of £151,840 saved based on an expected 64 remaining years.

Similarly, 25-year-old men could save £142,350 across their lifetime as a result of a remaining 61 smoke-free years.

These findings were calculated using the national average of 10 cigarettes smoked a day and 20 cigarettes in a £13 pack which was multiplied by the number of years the person would live on average smoke-free.

A spokesperson for Go Smoke Free said: “Most people are aware of the various health benefits that can be reaped by quitting smoking, and health-related reasons are understandably a main factor for many people going smoke-free.

“However, there are abundant financial benefits to giving up smoking as well – and if the health concerns aren’t enough to deter you from smoking, perhaps these figures will be.

“Of course, the younger you are, the more money you’re likely to save from quitting. Quitting early allows you to minimise – or sometimes even reverse – the health impacts of smoking and enjoy a life free from the intense financial burden that smoking can bring.

“It’s a good idea to maximise your savings and create incentives when giving up smoking. Creating a savings pot and putting it towards something you are hoping to save up for – such as a holiday, a house or another large investment – can motivate you to remain smoke-free.”

Middle-aged demographics were also revealed to have significant potential savings from going smoke-free. 50-year-old women had potential lifetime savings of £87,782.50 in accordance with a remaining 37 years.

For 50-year-old men, the figure was £80,665 in accordance with a remaining 34 years.

For 55-year-old women, they could expect to save £75,920 if they quit smoking and lived a remaining 32 years. 55-year-old men could expect to save £68,802.50 if they quit with an average remaining 29 years.

60-year-old women who quit smoking could hope to save £64,057.50, and 60-year-old men could hope to save £59,312.50, on account of 27 and 25 remaining years, respectively.