Valuing time more than money brings greater happiness

A new research has found that greater happiness can be achieved by valuing time more than money.

Happiness is a state of mind defined by constructive or satisfying emotions ranging from gratification to extreme delight. We, as emotional beings, strive for happiness. Nobody wants to be unhappy in life. Even Thomas Jefferson in the US declaration of independence proclaimed “Life, liberty, and the pursuit of happiness” as the fundamental needs of American people. Happiness cannot be measured by tangible values such as money or fame, nor can it be quantified by other pleasurable experiences in our lives. We want to be happy because happinessfeels good. It nourishes our soul, which in turn, as proven by many studies, enhances our physical health.
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Now, let’s get back to the research. Researchers from the University of British Columbia performed six studies, which involved more than 4.600participants. They 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.

Ashley Whillans, a doctoral student in social psychology at the University of British Columbia said:

"It appears that people have a stable preference for valuing their time over making more money, and prioritizing time is associated with greater happiness."  

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Older people also were more likely to say they enjoyed valuing time compared to younger people.

"As people age, they often want to spend time in more meaningful ways than just making money," said Whelans.

The researchers conducted separate surveys with a nationally representative sample of University of British Columbia students, Americans, and adult visitors of a science museum in Vancouver.

In some of their studies, researchers used real-world examples, such as asking a participant whether he would prefer a more expensive apartment which needed a short commute or a less expensive apartment with a long commute. A participant was also allowed to 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.

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Participants’ preference of valuing money or valuing time was not affected by his or her gender; however, the study did not include participants living at the poverty level who may have to prioritize money to survive.
According to Whelans, if people want to focus more on their time and less on money in their lives, they could take some maneuvers to help shift their outlook, such as working slightly fewer hours, paying someone to do chores they didn’t like such as 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.

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She concluded by saying:

"Having more free time is likely more important for happiness than having more money."

“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."