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The real costs of smoking

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With the economic and societal costs of smoking totaling more than $300 billion a year and rising, the personal-finance website WalletHub today released its report on The Real Cost of Smoking by State as well as accompanying videos.

To encourage the estimated 34.2 million tobacco users in the U.S. to kick the dangerous habit, WalletHub calculated the potential monetary losses — including the lifetime and annual costs of a cigarette pack per day, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.

States with the Lowest Smoking Costs             States with the Highest Smoking Costs

1. North Carolina                                                 42. Washington

2. Georgia                                                           43. Vermont

3. Missouri                                                          44. Minnesota

4. Mississippi                                                      45. Hawaii

5. South Carolina                                               46. Alaska

6. Tennessee                                                      47. Rhode Island

7. Alabama                                                         48. Massachusetts

8. North Dakota                                                49. District of Columbia

9. Wyoming                                                       50. Connecticut

10. Idaho                                                           51 New York

The estimated financial cost of smoking over a lifetime is just above $1.6 million per smoker. The out-of-pocket cost per smoker is $124,023 over a lifetime. Smokers in New York will pay the highest cost, $194,899, which is 2.3 times higher than in Missouri, where smokers will pay the lowest cost at $86,001.

Each smoker will incur an average of $253,013 in income loss over a lifetime. Smokers in the District of Columbia will lose the highest amount, $347,628, which is 1.9 times higher than in West Virginia, where smokers will lose the lowest amount at $179,916.

Each smoker will incur an average of $170,991 in smoking-related health-care costs over a lifetime. Smokers in Connecticut will pay the highest amount, $290,896, which is 2.6 times higher than in Arkansas, where smokers will pay the lowest amount at $113,392.

The Financial Cost of Smoking in South Carolina (1=Lowest, 25=Avg.):

Out-of-Pocket Cost per Smoker – $91,400 (Rank: 5th)

Financial-Opportunity Cost per Smoker – $801,282 (Rank: 5th)

Health-Care Cost per Smoker – $131,271 (Rank: 8th)

Income Loss per Smoker – $213,408 (Rank: 9th)

Other Costs per Smoker – $12,526 (Rank: 29th)

Total Cost Over Lifetime per Smoker: $1,249,887

Total Cost per Year per Smoker: $24,508

To view the full report and your state or the District’s rank, please visit: https://wallethub.com/edu/the-financial-cost-of-smoking-by-state/9520/

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