Kick the habit and see your savings mount up

With England set to be smoke free from 1st July, many people will be marking the occasion by stubbing out cigarettes for good. Aside from the obvious medical benefits, research from Alliance & Leicester Savings reveals the nation’s financial health could also be dramatically boosted by quitting smoking.

In England, nearly a quarter (24%) of people smoke and surveys show that 70% of current smokers would like to give up all together.

Alliance & Leicester Savings estimates a 20-a-day smoker spends £1,909 a year; by giving up and putting the equivalent money in a high interest savings account they could earn up to £1,962. Even a social smoker, who smokes just 20 cigarettes in a week could save around £280 in a year - enough to buy a week in the sun.

Ross Dalzell, Manager for Savings at Alliance & Leicester, said: “Kicking the habit isn’t an easy thing to do, but the benefits speak for themselves. The English population spends billions of pounds on cigarettes each year - money which could be going towards that new kitchen you’ve dreamed of, a two week holiday in the sun, or simply kept as a nest-egg for the future.”

In London and the South East 22% of adults smoke; in the North East the rate is 29%.

Male smokers spend nearly £100 more than women on cigarettes each year, however, encouragingly, 21% of women and 27% of men are now ex-smokers.

Dalzell continues: “The average smoker could be putting around £100 aside each month, instead of letting their hard-earned cash go up in smoke. By investing the money saved in a high interest account each month and working towards a long term goal, smokers will hopefully find the will power to permanently kick the habit.”