We’re taking a closer look at the real cost of smoking — not just to our health, but to our wallets.
A new report from personal finance site WalletHub estimates smoking costs the U.S. economy more than $600 billion each year, factoring in medical care, lost productivity, and other long-term expenses. And in New York, the numbers are especially stark.
The report ranks New York third in the nation for the overall financial burden of smoking. Researchers found the average smoker in the state could face nearly $6 million in lifetime costs when accounting for out-of-pocket spending on cigarettes, higher health and homeowners insurance premiums, lost income from smoking-related illnesses, and missed investment opportunities.
Radio Catskill’s Patricio Robayo spoke with WalletHub analyst Chip Lupo, who worked on the study. Lupo said many smokers focus only on the price of tobacco products, but the true cost stretches far beyond the checkout counter.
Those hidden expenses include increased health care use, time away from work, and financial opportunity costs — such as money that could have been invested or saved. The report also highlights ripple effects on families, workplaces, and communities, where secondhand smoke and higher group insurance costs can impact non-smokers as well.
Lupo says quitting sooner rather than later can quickly improve both health and finances, with savings adding up almost immediately.
The full report, including state-by-state rankings and cost breakdowns, is available at WalletHub.com