People Who Choose Time Over Money Are Happier, Finds New Study

If you were asked to choose between money and time, what would you choose? Well, a new study, published in the journal Social Psychological and Personality Science, has found that people who prefer time over money are happier compared to those for whom money is more important.

A group of researchers from the University of Pennsylvania and the University of California conducted a study which gathered data from over 4,000 participants. The participants were asked one common question, What would you rather have, more time or more money? They were also asked questions related to their personal well-being.

The study found that majority of the participants, 64 percent, preferred more money over more time. Interestingly, those who said they'd prefer more time were found to be comparatively happier with their lives.

"What matters is the value people place on each resource," the research team noted in the paper. "Beyond the amount of these resources people have, happiness is linked to the resource people want."

It is to be noted that there were some differences between the people who chose money and those who chose time. The study found that people who preferred time were, on average, older. They were more likely to have kids, and to be married. They had less discretionary time because they worked more, and therefore have more money.

The Washington Posts' reporter Christopher Ingraham asked a question "Could happiness be less a function of wanting time, and more a function of having money?" to UCLA's Hal Hershfield, one of the lead authors on the study.

In response, Hershfield said, "By statistically controlling for already existing levels of wealth, we show that choosing time over money has a positive effect on happiness over and above wealth."

The researchers concluded that people, despite differences in income, are happier when they value time over money.

Do you agree with the study results? Let us know in comments below.