Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
PLACING AN EMPHASIS on the value of your time, as opposed to money, is linked to greater happiness, new research says.
In six studies with more than 4,600 participants, researchers found an almost even split between people who tended to value their time or money, and that choice was a fairly consistent trait both for daily interactions and major life events.
Lead researcher Ashley Whillans, a doctoral student in social psychology at the University of British Columbia says that those who valued time were happier.
“It appears that people have a stable preference for valuing their time over making more money, and prioritising time is associated with greater happiness.”
Older people also were more likely to say they valued their time compared to younger people.
“As people age, they often want to spend time in more meaningful ways than just making money,” Whillans says.
Some of the studies used real-world examples, such as asking a participant whether he would prefer a more expensive apartment with a short commute or a less expensive apartment with a long commute. A participant also could choose between a graduate program that would lead to a job with long hours and a higher starting salary or a program that would result in a job with a lower salary but fewer hours.
“Having more free time is likely more important for happiness than having more money,” she said. “Even giving up a few hours of a paycheque to volunteer at a food bank may have more bang for your buck in making you feel happier.”
To embed this post, copy the code below on your site
I would love to spend more time with my family doing meaningful things im sure like the rest of you but from the 6 months in 2011 when i was unemployment broke and with the bank manager ringing weekly im quite happy to spend nearly 12 hours a day away from home working including daily travel. I found when i was broke that there is notting harder to spend than time with no money in your pocket!
The government has seen to that.
People on the dole must be ecstatic so…
Michael Caine once said
” I was unhappy when I was poor,
And I was unhappy when I was rich. But unhappy rich was better.
It’s all about balance.
I can’t get my head around this question. Which do they value more in each case? “Some of the studies used real-world examples, such as asking a participant whether he would prefer a more expensive apartment with a short commute or a less expensive apartment with a long commute.”
I think the idea is would you rather have more money in the bank with a cheaper apartment and longer commute or have less money but more time with the more expensive, shorter commute. The person who chooses the former values money and the person who chooses the latter values time. Of course, commuting is expensive as well….
I’ve learnt that you have to choose between too much time and no money ……or too much money (well enough money) and no time ….
Very hard to get a happy medium ….I.e. a good well paid job that still allows you enough time to enjoy life . It’s one of life’s big lessons .
I work for myself – have over €100k in bank from unspent wages from 2015 and get to make my own hours. It’s great. Lots of free time.
Neil what line of business are you in ?
Freelance TV producer in London. Have 2 big clients. Love the work & have lots of free time.
Can u have one without the other ????
Well done Neil, a happy and healthy life to you
Your money buys your time.
It’s s bit like “you can have a girlfriend or save money, you can’t do both”
Older people are more likely to actually have money compared to younger people. Of course they’d value time more, money isn’t an issue.
How many of those 4,600 were drowning in negative equity…
Most companies I’ve worked in give you the option of time in lieu or extra money if they want you to do overtime. Yet if you do say 8 hours overtime in a week you will get your normal hourly rate plus overtime pay. Why then when you choose to take time rather than money do you not also get extra time off?
have your say