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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Citation:

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.)

Who benefits most from helping others? Previous research suggests that common polymorphisms of the oxytocin receptor gene (OXTR) predict whether people behave generously and experience increases in positive mood in response to socially-focused experiences in daily life. Building on these findings, we conducted an experiment with a large, ethnically homogenous sample (N=437) to examine whether individual differences in three frequently studied single nucleotide polymorphisms of OXTR (rs53576, rs2268498, rs2254298) also predict differences in the positive mood benefits of financial generosity. Consistent with past research, participants who were randomly assigned to purchase items for others (vs. themselves) reported greater positive affect. Contrary to predictions, using Bayesian statistics, we found conclusive evidence that the benefits of generosity were not moderated by individual differences in OXTR SNPs. The current work highlights the importance of publishing null results to build cumulative knowledge linking neurobiological factors to positive emotional experiences.

Article | American Journal of Preventive Medicine | August 2020

Volunteering and Subsequent Health and Well-Being in Older Adults: An Outcome-Wide Longitudinal Approach

Eric Kim, A.V. Whillans, Matt Lee, Ying Chen and Tyler VanderWeele

Background: Growing evidence documents strong associations between volunteering and favorable health and well-being outcomes. However, epidemiological studies have not evaluated whether changes in volunteering are associated with subsequent health and well-being outcomes.
Methods: Data were from 12,998 participants in the Health and Retirement Study—a large, diverse, prospective, and nationally representative cohort of U.S. adults age >50. Using multiple logistic-, linear-, and generalized linear regression models, we evaluated if changes in volunteering (between t0;2006/2008 and t1;2010/2012) were associated with 35 indicators of physical health, health behaviors, and psychosocial well-being (in t2;2014/2016). Models adjusted for sociodemographics, physical health, health behaviors, psychosocial factors, personality, as well as volunteering and all outcomes in the pre-baseline wave (t0;2006/2008). Results accounted for multiple testing and data were analyzed in 2019.
Results: Over the 4-year follow-up period, participants who volunteered ≥100 hours/year (versus 0 hours/year) had reduced risk of mortality and physical functioning limitations, higher physical activity, and better psychosocial outcomes (higher: positive affect, optimism, purpose in life and lower: depressive symptoms, hopelessness, loneliness, infrequent contact with friends). Importantly, volunteering was not associated with other physical health outcomes (diabetes, hypertension, stroke, cancer, heart disease, lung disease, arthritis, overweight/obesity, cognitive impairment, chronic pain), health behaviors (binge drinking, smoking, sleep problems), and psychosocial outcomes (life satisfaction, mastery, depression, negative affect, perceived constraints, living with spouse, contact with other family/children).
Conclusions: With further research, volunteering is an activity that physicians might suggest to their willing and able patients as a way of simultaneously enhancing health and society.

Keywords: volunteering; prosocial behavior; well-being; health; Behavior; Health; Welfare or Wellbeing;

Citation:

Kim, Eric, A.V. Whillans, Matt Lee, Ying Chen, and Tyler VanderWeele. "Volunteering and Subsequent Health and Well-Being in Older Adults: An Outcome-Wide Longitudinal Approach." American Journal of Preventive Medicine 59, no. 2 (August 2020): 176–186. View Details

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This article reveals a behavioral tendency that may contribute to the spread of the novel coronavirus (SARS-CoV-2). Across seven studies—including two representative samples of Americans and Canadians (N = 3,408)—we show that people consistently underestimate the risk of contracting the coronavirus from close others (i.e., friends) compared to other groups (e.g., colleagues or strangers). We reveal that informing people of their (unconscious) preference to believe that friends are less risky than strangers can effectively attenuate this behavioral tendency. Together, these results shed light on a critical area of intervention for promoting social distancing: people’s beliefs about the risk of contracting the coronavirus from their friends.

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Valuing Time Over Money Is Associated with Greater Happiness

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