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WalletHub Study: The True Cost Of Smoking By State

on January 25, 2016 - 7:24am
 
WalletHub News:
 
With Tobacco-Free Awareness Week reminding us of the societal and economic costs of smoking, which total more than $320 billion a year and rising, the personal finance website WalletHub has released its report on The True Cost of Smoking by State, which ranks New Mexico number 30 in the nation. 
 
 
To encourage the more than 66 million tobacco users in the U.S. to kick the dangerous habit, WalletHub’s analysts calculated the potential monetary losses — including the cumulative cost of a cigarette pack per day over several decades, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.

WalletHub estimates the financial cost of smoking in the U.S. to be roughly $1.6 million per smoker over a lifetime.
 
 
States with the Lowest Smoking Costs
 
States with the Highest Smoking Costs
 
1
Louisiana
 
42
District of Columbi
 
2
Kentucky
 
43
New Jersey
 
3
Missouri
 
44
Washington
 
4
West Virginia
 
45
Minnesota
 
5
North Carolina
 
46
Rhode Island
 
6
Georgia
 
47
Connecticut
 
7
Tennessee
 
48
Hawaii
 
8
South Carolina
 
49
Alaska
 
9
Mississippi
 
50
Massachusetts
 
10
Alabama
 
51
New York

Key Findings
  • The out-of-pocket cost per smoker is $115,214 over a lifetime. Smokers in New York will pay two times more than smokers in Missouri.
  • The financial opportunity cost per smoker is $1,089,471 over a lifetime. Smokers in New York will pay two times more than smokers in Missouri.
  • Each smoker will incur an average of $220,855 in income loss over a lifetime. Smokers in Mississippi will lose the least, $161,013, which is 2 times less than in Maryland, the state that will lose the most.
  • Each smoker will incur an average of $164,876 in smoking-related health-care costs over a lifetime. Smokers in Massachusetts will pay two times more than smokers in Kentucky.

To read the full report, visit here.

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