Happier people value time over money
Valuing time over money makes people happy. That’s not exactly a secret, but the concept is now scientifically tested and approved.
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.
“It appears that people have a stable preference for valuing their time over making more money, and prioritizing time is associated with greater happiness,” said lead researcher Ashley Whillans, a doctoral student in social psychology at the University of British Columbia.
If people want to focus more on their time and less on money in their lives, they could take some actions to help shift their perspective, such as working slightly fewer hours, paying someone to do disliked chores like cleaning the house, or volunteering with a charity. While some options might be available only for people with disposable income, even small changes could make a big difference, Whillans said.
“Having more free time is likely more important for happiness than having more money,” she said. “Even giving up a few hours of a paycheck to volunteer at a food bank may have more bang for your buck in making you feel happier.”
The research is published in the journal Social Psychological and Personality Science.
