Thursday, 28 May 2015

Fact of the Day: Costs of Smoking

Imagine how much money these cigarette butts could add up to...
You want to quit smoking? Maybe this financial fact will motivate you.

A Chinese University study assumes that if a Hong Kong smoker goes through one pack of cigarettes a day, they would spend an average of HK$20,440 a year, which could add up to more than HK$1 million in a lifetime.

If that money was well invested, the returns, when the smoker retired at 60, could buy him or her an 800 square foot flat on Hong Kong Island based on Standard & Poor's 500 Index.

"The money spent on cigarettes can be used on investment instead to potentially increase their assets," said Vivian Lee Wing-yan, associate professor at the university's school of pharmacy, who conducted the study.

The study also compared the cost of tobacco per person throughout their lifespan in Hong Kong, South Korea, Thailand, Malaysia, Singapore, the Philippines and Australia. It assumed smokers started at the age of 18 (very conservative!) and smoked a pack a day.

Australians had to spend the most on ciggies, spending over HK$100,000 a year, followed by Singaporeans at HK$55,000.

Second thoughts on lighting up?

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