Tuesday, January 19, 2016

According to study, Floridians spend more than $1.5 million on smoking over a lifetime

Posted By on Tue, Jan 19, 2016 at 4:08 PM

click image PHOTO VIA VAPING360/FLICKR
  • Photo via Vaping360/Flickr
Tobacco use has always made quite the dent in a smoker's wallet, and according to a new study the average Floridian smoker spends a total of whopping $1.5 million over a lifetime. 

Based on a study by WalletHub, Florida ranks 21st in the nation for the cost of smoking in a lifetime. The study used four basic factors to determine each state's potential monetary loss for smoking; the cumulative cost of a cigarette pack per day over several decades, health-care expenditures, income losses and other costs. 

WalletHub analysts calculated their results with the assumption that an adult smokes one pack of cigarettes per day beginning at the age of 18 and has a lifespan of 51 years, taking into account that a smoker dies at the average age of 69.  

According to WalletHub, Florida smokers spend $103,276 on tobacco in a lifetime, $976,587 on financial opportunity (or the amount of return a person would have earned if money was instead invested in the stock market), $163,277 on health care (or direct medical costs) and $17,569 on other costs. In addition, the state's smokers would be left with an income loss of $192,625. 

It was also determined that Floridians spend a total of $28,497 per year, which is included in the annual total of $326 billion that is spent across the country. 

New York was ranked at No. 1 for having the highest total cost per smoker over a lifetime with $2.5 million and over a year with $48,093, and Louisiana was ranked with the lowest total cost per smoker over a lifetime with $1.2 million and $24,160 over a year.

Sure, some of these cost factors are a bit of a stretch, I'm looking at you 976k for not investing in stocks, but no matter how you add it up, smoking is insanely expensive. 

According to Centers for Disease Control and Prevention, tobacco causes nearly 6 million deaths per year, worldwide, and current trends suggest that tobacco use will cause more than 8 million deaths per year by 2030. 

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