Smoking can seriously damage your wealth, affecting savings, mortgages and insurance

Many people in the UK have given up smoke since the ban was introduced in July 2007 and, in add-on to the obvious health benefits, experts are drawing attention to the significant savings ex-smokers will have made as the day of remembrance approaches.

NHS fig show that about 165,000 people quit the habit with NHS help in 2007, compared with fewer than 129,000 in 2006, and this addition has been partially attributed to the July ban.

Analyst at Moneyfacts.co.uk, Michelle Slade, said: "about one year on, these reformed smokers are not only probably to be feeling the wellness benefits, but could also be feeling the benefits in their pockets.

"The norm smoker is predicted to smoke 30 cigarettes per day. Based on a cost of £5.50 per package for 20 cigarettes, if a tobacco user kicked their habit, they could save £250 per month."

Ms Slade points out that the top paying variable rate habitue saver available this time last year was offer a seven per cent rate. "If they invested £250 per month into this business relationship they would now have accumulated £3,108," she said.

According to confederation & Leicester economy, 22 per cent of all grownup in England still smoke, and those that smoke 20 cigarettes a day spend more than £2,000 a year on cigarettes. It reveals that by gift up and putt the money into a high rate , smokers could have saved up to £2,198 since the smoke ban.

director for economy at confederation & Leicester, Hetal Parmar, said: "We are all feeling the pinch on our purse-strings at the minute yet, as a state, we still spend one million million of lb on cigarettes each year - money which could help us cover the rise cost of life or could be set aside to build up a nest-egg."

Abbey research shows that gift up smoke could enable people to save £2,119 in a economy account or knock eight years �" and £50,000 �" off their mortgage simply by overpaying by £5 each day rather than spending the money on cigarettes.

Director of savings and investments at Abbey, Reza Attar-Zadeh, said: "It goes without saying that giving up smoking is not only great for your health but also for your bank balance. Using the saving wisely could knock years off your mortgage."

Furthermore, kicking the habit could make a significant impact on insurance prices. According to Ms Slade: "Most life assurance companies consider customers to be non-smokers if they have not smoked for 12 months. Anyone who gave up when the smoking ban came into force would now fall into this category.

"Due to the increased risks from smoking, most life assurance companies charge smokers over 50 per cent more than they charge non-smokers. Anyone looking to take out life assurance now could make a large saving.

©Fair Investment Company Ltd