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.)

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Valuing Time Over Money Is Associated with Greater Happiness

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