Valuing Time Over Money Is Associated with Greater Happiness

Ashley V. Whillans; Aaron C.  Weidman; Elizabeth W. Dunn

Article | Social Psychological & Personality Science

Valuing Time Over Money Is Associated with Greater Happiness

by Ashley V. Whillans, Aaron C. Weidman and Elizabeth W. Dunn

Abstract

How do the trade-offs that we make about two of our most valuable resources—time and money—shape happiness? While past research has documented the immediate consequences of thinking about time and money, research has not yet examined whether people’s general orientations to prioritize time over money are associated with greater happiness. In the current research, we develop the Resource Orientation Measure (ROM) to assess people’s stable preferences to prioritize time over money. Next, using data from students, adults recruited from the community, and a representative sample of employed Americans, we show that the ROM is associated with greater well-being. These findings could not be explained by materialism, material striving, current feelings of time or material affluence, or demographic characteristics such as income or marital status. Across six studies (N = 4,690), we provide the first empirical evidence that prioritizing time over money is a stable preference related to greater subjective well-being.

Keywords: well-being; happiness; time; money; trade-offs; orientations; Happiness; Money; Satisfaction;

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Whillans, Ashley V., Aaron C. Weidman, and Elizabeth W. Dunn. "Valuing Time Over Money Is Associated with Greater Happiness." Social Psychological & Personality Science 7, no. 3 (April 2016): 213–222. (Most read publication in SPPS in December & January, 2016. This publication was featured in the "Top 10 Insights from the Science of a Meaningful Life in 2016" by the Greater Good Science Center at UC Berkeley.)

When it comes to our to-do lists, many of us prioritize checking off tasks that are easiest to complete or are due first, regardless of importance – a phenomenon that scholars describe as the “mere urgency” effect. This tendency becomes stronger the busier we are. But constantly prioritizing urgent tasks means that important tasks that have no urgent deadline (such as updating your resume or doing creative work) get pushed aside for later and later. Some just never get done. When we fail to do what’s important, often what matters most to us, we feel stressed, overwhelmed, and unmotivated— and firms are less productive. Research suggests managers can help employees combat the tendency to put off for tomorrow what isn’t due today: have employees set aside proactive time for work that is important but not urgent.

There is a growing debate about whether high-income individuals are more or less generous when income inequality is high. We advance this ongoing conversation by analysing a large and comprehensive data set with approximately one million respondents from 140 countries. In this data set, higher-income individuals who live in countries with greater income inequality are less likely to donate money to charity and are more likely to volunteer than their lower-income counterparts. Higher-income individuals who feel financially insecure or show distrust of others are especially unlikely to donate money to charity under high income inequality. These moderators do not influence rates of volunteering. Together, these results advance the debate regarding whether and when inequality shapes prosocial behaviour.

Over the last two decades, global wealth has risen. Yet, material affluence has not translated into time affluence. Instead, most people today report feeling persistently “time poor”—like they have too many things to do and not enough time to do them. This is critical because time poverty is linked to lower well-being, physical health, and productivity. For example, in our analysis of 2.5 million Americans, subjective feelings of time poverty had a stronger negative effect on well-being than being unemployed. However, individuals, organisations, and policymakers often overlook the pernicious effects of time poverty. Billions of dollars are spent each year to alleviate material poverty, while time poverty is often ignored or exacerbated. In this Perspective, we discuss the organisational, institutional, and psychological factors that explain why time poverty is often under appreciated. We argue that scientists, policymakers, and organisational leaders need to devote more attention and resources toward understanding and reducing time poverty to promote psychological and economic well-being.

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Valuing Time Over Money Is Associated with Greater Happiness

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