Subscribe to INT Podcast
|July 16, 2018|
Financial costs of smoking
Smoking can not only ruin your health, but it can also burn a nasty hole through your wallet. California has one of the highest costs in the nation.
Tobacco use accounts for nearly half a million premature deaths in the U.S. each year and is the leading cause of lung cancer, according to the American Lung Association. Even those around tobacco smokers arent safe from its harmful effects. Since 1964, smoking-related illnesses have claimed 20 million lives in the U.S., 2.5 million of which belonged to nonsmokers who developed diseases merely from secondhand-smoke exposure.
However, the economic and societal costs of smoking-related issues are just as staggering. The personal finance website site WalletHub found that every year, Americans collectively spend a total of $326 billion, including nearly $170 billion in direct health-care costs and more than $156 billion in lost productivity due to premature death and exposure to secondhand smoke. Unfortunately, some people will have to pay more depending on the state in which they live.
The Financial Cost of Smoking in California (1=Lowest, 25=Avg.):
Out-of-Pocket Cost per Smoker $101,917 (Rank: 20th)
Financial Opportunity Cost per Smoker $963,737 (Rank: 20th)
Health-Care Cost per Smoker $182,119 (Rank: 38th)
Income Loss per Smoker $250,875 (Rank: 42nd)
Other Costs per Smoker $13,871 (Rank: 47th)
Total Cost Over a Lifetime per Smoker: $1,512,519
The study comes during Tobacco-Free Awareness Week.
Story Date: January 25, 2016