Canadian men could be wealthier and healthier if they curbed their spending on tobacco and alcohol, lost a few pounds, and invested the money instead, according to a new report.
The report was released by the Canadian Men’s Health Foundation ahead of Canadian Men’s Health Week, which starts this Monday.
How Much Does Tobacco Smoking, Alcohol Use and Excess Weight Cost Individual Canadian Men? examines the financial burden of those risk factors for men.
Crucially, the report aims to predict not only how much men spend on smoking, alcohol and over-eating, but also how much they could stand to make if they took that money and invested it instead.
Thus, whether you are a Low-Risk Joe, who smokes five a day, or a High-Risk Joe, who smokes 40 a day, ultimately, you could be losing out on millions of dollars, says the report.
Here’s the report’s rundown – which guy are you?
Low-Risk Joe, who smokes five cigarettes per day, consumes one alcoholic drink per day and is six feet tall weighing 258 pounds (a body-mass index or BMI of 35), could save $275,000 over his lifetime. If Joe took this money and, instead of spending it on cigarettes or alcohol or additional life insurance premiums, invested it between the ages of 30 and 75, the cost increases to $1.7 million.
Medium-Risk Joe, who smokes 20 cigarettes per day (one pack), consumes three alcoholic drinks per day and is six feet tall weighing 295 pounds (a BMI of 40), could save $628,000 over his lifetime. Invested, costs go up to $3.2 million.
High-Risk Joe, who smokes 40 cigarettes per day (two packs), consumes five alcoholic drinks per day and is six feet tall weighing 332 pounds (a BMI of 45), could save $1.1 million over his lifetime. Invested, costs go up to $8.6 million.
“This is eye-opening news for guys, who might not consider the true costs of their bad habits. The good news is that by making small lifestyle changes, your body and wallet will thank you,” said Wayne Hartrick, CMHF President, in a release.
The study, conducted by H. Krueger & Associates Inc., assumed an average annual rate of return on investments of 9.43%.
Here’s the full report: How Much Does Tobacco Smoking, Alcohol Use and Excess Weight Cost Individual Canadian Men?
The third annual Canadian Men’s Health Week is an awareness campaign by the CMHF to create a nationwide call to action to empower healthier lifestyles.
To find out how you could make small changes and save big money, head to the CMHF’s Don’t Change Much campaign website: dontchangemuch.ca