The charity estimates that a 20-a-day smoker could save £7 a day, £49 a week, £210 a month and £2,555 a year by stubbing out cigarettes.

A quarter of people said the financial impact of smoking is more of a motivator to quit than the effects on their long-term health, with just over one in three saying they feel guilty about the amount they spend on cigarettes.

A further one in five acknowledged they probably underestimate how much they spend on cigarettes.

Aside from the important health benefits associated with quitting, consumers who give up smoking could also stand to make significant financial savings beyond the price of cigarettes.

According to Beagle Street, the online life insurance provider, people who quit smoking could reduce their monthly life insurance premium by half within just a year after giving up.

For example, a 46 year old male smoker would pay around £38.53 for a level-term life insurance policy, over 15 years, for £150,000 of cover. If he were to quit smoking his premium would reduce to just £16.75 a month, for the same amount of cover, a year after giving up the cigarettes.

Matthew Gledhill, managing director of Beagle Street, said: “Many people buy life insurance and forget about it for years. Our advice to consumers is; if you’ve given up smoking for more than 12 months since last taking out life insurance or critical illness cover, it would be worth shopping around for a new policy because you may be surprised by what you could save every single month.”

If cigarettes are burning a hole in your budget, the Money Advice Service Cut-back calculator can tell you how much money you could save by stopping smoking.