Quitting smokers set to save thousands with public ban

Over half (54%) of England’s 12.4 million smokers are expecting to quit as a result of the ban on smoking in public places, according to research by Marks & Spencer Money.

The research indicates that individually they could save £1495 per year and collectively £18.4 billion – enough to pay for 24 Wembley stadiums.

The study highlights that smokers significantly underestimate how much they could save if they were to give up smoking. The average smoker in England believes that giving up would save them less than £1,000 per year (£980.99), however official consumption figures from the Office of National Statistics indicate that up to £1,500 of savings would be made.

The top 5 reasons smokers gave for quitting in the run up to the ban were:

Concern for personal health is now greater than ever
To save money, smoking is becoming unaffordable
No longer want to smoke if not allowed to in bars and restaurants
Cannot face standing outside bars and restaurants to smoke
Friends plan to stop too so it will be easier to stay motivated

The research also suggests that smokers with life insurance are even more likely (60%) to give up over the next 12 months and therefore benefit twice. M& S Money calculated that a typical 35 year old male smoker who is 5 years into a 25 year life insurance policy could save a further £1,030 in premiums by quitting smoking.

Brendan Cook, CEO of Marks and Spencer Money commented, “The 6 million smokers in England who are planning to kick the habit next year are set to save a small fortune, on average £125 each month. Those with life Insurance can make even greater savings, so it’s worth giving us a call to see if we can save you some cash as well.”

The research conducted by YouGov highlights the importance of life insurance as an area where smokers can save cash. Smokers tend to insure themselves for a higher amount, with cover values £12,750 or 15% higher than non smokers. This extra cover means any savings could be even greater and acts as an additional financial incentive to quit.

Brendan Cook continued, “Saving money is the second most important reason smokers give for trying to quit, so it’s really important not to forget about any life insurance. Telling your insurer when you’ve given up could lead to thousands of pounds of extra savings.”