A new study published by the Society for Personality and Social Psychology examined the link between the value placed on time and money and found that those who place a greater value on time are happier.
The research is based off six studies, with more than 4,600 participants total, that contained an almost even number of people who consistently valued either time or money more in their 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," Ashley Whillans, lead researcher of the study, said in a press release.
Although the participants were almost evenly split, there were slightly more participants that stated they valued their time more than money and when comparing younger people and older people, the team found that older people were more likely to value their time more than money in comparison to young people.
"As people age, they often want to spend time in more meaningful ways than just making money," Whillans said.
The research consisted of surveys with a sample of Americans that accurately represented the nation, students from the University of British Columbia and random adults that were visiting a Vancouver science museum. They found that both gender and income had no affect on the participants' values, although the study omitted anybody living at the poverty level who would likely need to prioritize money for survival reasons.
"Having more free time is likely more important for happiness than having more money," Whillans 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 findings were published in the Jan. 7 issue of Social Psychological and Personality Science.
