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Article
| Social Psychological & Personality Science
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May 2020
Time Use and Happiness of Millionaires: Evidence from the Netherlands
by
Paul Smeets, A.V. Whillans, Rene Bekkers and Michael I. Norton
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Abstract
How do the very wealthy spend their time, and how does time use relate to well-being? In two studies in the Netherlands, the affluent (N=863, N=690) and the general population (N=1232, N=306) spent time in surprisingly similar ways, such as by spending the same amount of time working. Yet, the nature of their time-use differed in critical ways that are related to life satisfaction. In Study 1, millionaires spent more time engaged in active leisure (e.g., exercising and volunteering) rather than passive leisure (e.g., watching television and relaxing). In Study 2, millionaires spent more time engaged in tasks at work over which they had more control. The affluent sample belongs to the top of the income and wealth distribution, representing a significantly wealthier sample than in previous studies. These results further our understanding of when and how wealth may translate into greater well-being.
Keywords: time and wellbeing;
wealth;
Millionaires;
Social Class;
Wealth;
Happiness;
Demographics;
