×

True Cost of Smoking

As the new month tests New Year’s resolutions across the region, many may be weakening in their resolve. Certainly that must include some who vowed this is the year to give up smoking. To add a little incentive to the effort, WalletHub took a look at the true cost of tobacco use. The dollar amounts are eye-opening for the 46 million people who still use tobacco.

Total lifetime cost per smoker in West Virginia was estimated at $3.2 million and in Ohio, $3.5 million. For Mountain State residents, the out-of-pocket cost over a lifetime is $143,138, the financial opportunity cost is $2.4 million, the health care cost per smoker is $154,154, income loss per smoker is $477,075, and other costs per smoker is $9,273.

For the Buckeye State, the out-of-pocket cost over a lifetime is $154,877, the financial opportunity cost is $2.6 million, the health care cost per smoker is $169,669, income loss per smoker is $578,794, and other costs per smoker amount to $10,040.

To determine financial opportunity cost, WalletHub calculated the return on investment if the out-of-pocket cost had instead been invested in the stock market.

“Buying cigarettes for your entire adult life can cost you hundreds of thousands of dollars, but that number pales in comparison to the hidden costs of smoking,” said WalletHub analyst Chip Lupo. “Over a lifetime, smokers lose out on millions of dollars they could have made if they’d invested the money they spent on tobacco.”

Yet nearly 25% of adults still smoke in West Virginia. It is a no brainer that increasing the taxes on tobacco products will lower the number of products sold and consumed.

Yet lawmakers so willing to tackle many other things are still timid when it comes to facing big tobacco. Why?

Starting at $2.99/week.

Subscribe Today