Smokers who switched to vaping save an average of £ 346.32 a year after quitting the addiction, arose.
Researchers who conducted a detailed study found that the financial implications of buying cigarette packs are one of the key considerations for those who now prefer it.
In addition to saving money, smelling better and no longer having the smoker's cough were also hailed as reasons why people have changed.
The number of £ 346 per head means that 3.2 million people who vape are collectively £ 1.1 billion better, according to the report.
Research of 1,790 Britons who are in the process, or have made the switch from smoking to vaping, found more than half commuted to save money.
Other good points of quitting cigarettes include having better teeth and easier breathing, according to 3 out of 10.
Another 43% said they felt less stressed and more than two-thirds said they would "never" return to smoking.
According to Public Health England, 40% of smokers never tried vaping
TV Doctor Christian Jessen
The survey was commissioned by the UK Vaping Industry Association (UKVIA) and marks the beginning of VApril, the vaping brand awareness campaign.
TV doctor Christian Jessen, who is supporting the campaign, said: "There are now over three million UK vapers who have made this life-changing decision to quit smoking.
"Still, according to Public Health England, 40% of smokers never tried vaping.
"VAPRIL's goal is to change that by encouraging more smokers to consider switching to a much less harmful alternative."
The survey also found that after saving money, three out of 10 saved for vacation and put money into a savings account.
HEALTH AND FIRE MEASURES
E-cigarettes proved to be a huge help with quitting smoking, as 68 percent admitted before this option existed they would never have been able to quit.
A whopping eight in 10 would recommend the conversion to vaping for those who are trying to leave.
Similarly, one in five said making the switch gave them a greater sense of taste.
In addition to health concerns, more than half admitted that the worst things related to smoking included the effect on their physical condition, bad smell and financial impacts.
Another 23% said they have been more confident in social circles since the change and one in five said they feel more accepted by friends and acquaintances.
That compares to astonishing eight out of 10 people who felt judged by people when they smoked.
Before vaping, other tried and tested popular methods were revealed as nicotine patches, medication and 44% even with cold turkey.
The main reasons for conversion to vaping include smoking cessation, as 43% admitted they knew it was not good for them and that three out of 10 people heard that vaping was the most effective cessation tool.
Of those who successfully changed, 41% convinced other smokers to do the same.
On average, respondents used to consume 5,216 cigarettes per year.
The study, conducted via OnePoll, revealed seven out of 10 converted to vaping because of the VA-Pril campaign.
John Dunne, director of UKVIA, said: "Research highlights that there are many benefits that can change life by switching to vaping, rather than just our health, from money to family time.
"It also highlights how much of a financial quit smoking effect has on an individual.
YouTube craze sees weird videos from teen vloggers of themselves drinking water
Jill Dando's murder is on BBC1 TODAY – almost 20 years after her death
BATTLE OF BIG BIRDS
Boris and DD admit they could run to be PM, as May faces requests to leave NOW
KILL AND BE DEAD
Death row killer says he has no right to "painless death" by US judges
LUCK OF LIVING
Girl, 5 years old, scalped in a horror kart accident after hair stuck in the engine
"It's impacting on someone's appearance as it helps you feel less conscious about the smell, the teeth and the skin.
"Our VApril campaign wants to emphasize the best things about how to switch from cigarettes to vaping and help smokers to stop."