Quitting smoking ‘can be part of debt management’

However, the average smoker thinks they will only save less than £1,000 a year by quitting – £500 less than official figures.

“The six million smokers in England who are planning to kick the habit next year are set to save a small fortune, on average £125 each month,” said Brendan Cook, of Marks and Spencer Money, which conducted the research.

With many families struggling with debt and bills, particularly as winter approaches and fuel use rises, even small savings can add up.

The premiums for life assurance policies also affected the decision to quit, the study found, as M&S Money calculated that a typical 30-year-old male smoker can save £1,030 in premiums over the term of a 25-year life insurance policy.

With England to ban smoking in public places on July 1st, now may be the time for smokers to practise both their debt management and abstinence skills.