Figures from Norwich Union suggest that giving up for lent could have a positive effect on your pocket.
Figures from Norwich Union suggest that giving up for lent could have a positive effect on your pocket.
For example giving up 20 cigarettes a day at Ł5 a pack over 40 days and 40 nights, would mean being Ł200 better off by Easter Sunday. Over the year, this could amount to around Ł1825 - for couples choosing to give up together; the benefits could be even more.1
Giving up habits such as smoking could even lead to more benefits to your wealth and not just your health. A 40 year old male non-smoker applying for life insurance with Norwich Union could expect to pay around Ł12.00, compared to Ł23.20 for a smoker.5 Add this extra premium to the amount you could save by giving up and you’d be looking at around Ł2000 a year.6
Other savings you could make during lent include:
- Giving up two bottles of wine a week at Ł7 a bottle would save around Ł84.2
- A cup of coffee a day at around Ł1.80 would save around Ł72.3
- A bar of chocolate a day at around 40p would save around Ł16.4
Simon Quick, a director at Norwich Union, said: “It’s astounding how much you can save by giving up a little something over lent. In our example of cigarettes, you can save nearly Ł200 as well as the obvious health benefits.
“Working out where to save your money is sometimes as hard as giving up. That’s why our website, www.makesenseofit.com is full of handy hints, tips and simple tools which will help you to plan your finances."
-ends-
Notes to editors
1 Example cost of 20 cigarettes - Ł5.00, assumed average smoker consumes 20 cigarettes a day over 40 days of lent = Ł5.00 x 40 = Ł200. Over 365 days, Ł5.00 x 365 = Ł1825.
2 Example cost of a 75cl bottle of white wine - Ł7.00. UK Government recommendation of 2-3 units a day = 21 units maximum a week. A 75cl 12% bottle of white wine provides 9 units – 2 bottles = 18 units a week. Lent lasts just under 6 weeks, therefore (7 x 2) x 6 = Ł84.
3 Example cost of coffee - Ł1.80, 40 days in lent; 1.80 x 40 = Ł72.00
4 Example cost of chocolate bar – 40p, 40 days in lent; 0.40 x 40 = Ł16.00
5 Example rates
Norwich Union Term Assurance (without critical illness)
Male, non-smoker, 40 next birthday, 20 year term, Ł100,000 cover – Premium Ł12.00
Male, smoker, 40 next birthday, 20 year term, Ł100,000 cover – Premium Ł23.20
6 Difference between smoker and non-smoker premium - Ł11.20, over a year Ł11.20 x 12 = Ł134.40. Add this cost to the yearly cost of giving up 20 cigarettes a day in note 1 - Ł134.40 + Ł1825 = Ł1959.40
About Norwich Union
- Norwich Union is one of the UK's biggest life insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media
For Norwich Union press office, contact:
Louise Soulsby 01904 452617 Out of hours 07800 699526
James Paterson 01904 452525