Giving up smoking 'can boost bank balance'

Thursday, July 1st 2010

Smokers who have managed to kick the habit have been reminded of the savings they could make.

New research by Santander Savings shows those who gave up tobacco when the smoking ban kicked in three years ago will have amassed almost £7,000 if they chose to put their cigarette money to one side.

Alternatively, consumers could have paid off seven-and-a-half years of their mortgage, saving more than £21,000 in future interest payments.

This is based on the average UK smoker spending some £180 a month on tobacco.

However, by quitting the habit and saving the cash, a significant sum could be accumulated in little time, the bank recommends.

"The simple truth is by giving up today smokers will not only improve their health but their bank balance," explains Matt Hall, head of savings at the financial institution.

Among the people who could benefit most from stubbing out their cigarettes are young adults, who were recently found by Santander to be Britain's best savers.