Following the prohibition, which came into place on July 1st, Abbey has reported that some 43 per cent of first-time buyers claim that they would be willing to give up smoking so as to get a foot on the property ladder. According to the financial services company a couple who stop their 20 cigarettes-a-day habit could save themselves up to 2,576 pounds over the course of a year, a figure which could well help many with meeting various expenses when moving home such as property deposits, secured loan repayments and moving fees. The news comes as Abbey estimated that it costs the average first-time buyer some 5,280 pounds to move into a property.

Nici Audhlam-Gardiner, head of mortgages for Abbey, said: "With the smoking ban here to stay it really is the ideal opportunity to save up some hard cash for a first home. So it's time for all those first-time buyers that told us they'd quit cigarettes to get on the housing ladder, to put their money where their mouth, or should I say their cigarette, is."

The financial services firm also indicated that the 23 minutes smokers would have to spend working to earn the cost of a packet of cigarettes is also the same period of time that it would take to purchase 25 house bricks. Consequently, Abbey suggested that by giving up smoking for about 170 days, consumers would have saved enough money to be able to buy 3,000 bricks - a number which could allow them to build their first starter home.

Meanwhile, it has also been suggested that Britons could ease their financial situation by creating and sticking to a budget for over the summer holiday period. In a second study released by Abbey today, parents are said to be set to spend an average of 741 pounds - a collective sum of 4.7 billion - entertaining their children over the long break. However, with some 41 per cent of mums and dads underestimating their spending over the duration of last summer, consumers could well find their attempts at debt management squeezed.

Head of banking Steve Shore said: "Kids can be pretty demanding and summer holiday boredom is difficult to budget for. There are plenty of ways to keep children entertained, but these can be costly and parents can get caught out by unexpected expenses. It's important that families try to set aside some extra cash in advance of the summer holidays, just in case."

Holidays abroad were reported to be the biggest constrain on Britons' summer finances, accounting for an average of 737 pounds. The financial services firm added that following the government's decision to withdraw plans to help holiday companies offer low-priced packages during holiday periods "it seems clear that parents will continue to be stung when they take their children abroad outside term-time". Meanwhile, eating out is to set the typical family back by 85 pounds - a total cost of 350 million pounds.

According to financial charity Credit Action, the average household is some 8,816 pounds in debt. Meanwhile, raising a child to the age of 21 is reported to set consumers back by an average of 23.50 a day.