Using money to free-up time is linked to increased happiness, a study says.
In an experiment, individuals reported greater happiness if they used £30 ($40) to save time – such as by paying for chores to be done – rather than spending the money on material goods.
Rising incomes in many countries has led to a new phenomenon. From Germany to the US, people report “time famine“, where they get stressed over the daily demands on their time.
Psychologists say stress over lack of time causes lower well-being and contributes to anxiety and insomnia.
Yet, they say even the very wealthy are often reluctant to pay people to do the jobs they dislike.
“In a series of surveys we find that people who spend money to buy themselves more free time are happier – that is they have higher life satisfaction,” said Dr Elizabeth Dunn, a psychologist professor at the University of British Columbia, Canada.
I – Word Understanding
Time-famine = lack of time (esp. Leisure time)
II – Have Your Say
1. What are the causes of time famine? How do you manage your time?
– Family obligations
– Leisure time / lifestyle
2. What are some chores that you hate to do?
3. Past research has found that people who prioritise time over money tend to be happier than people who prioritise money over time. How would you spend your money in order to find more time?