Can Buying Time Increase Happiness and Longevity?
In our fast paced modern life, most of us are in living in a time famine. As a perceived lack of time leads to stress, anxiety, and insomnia, can buying time increase happiness and longevity? In this article, I review a new study evaluating whether buying stuff or time increases happiness.
My Life
As a child, I always looked forward to Christmas. I loved seeing the present piled high under the Christmas tree. My siblings and I would count the hours until Christmas morning. It seemed as if Christmas would never come.
Once the long awaited day arrived, we would take turns opening our presents. Opening each new gift gave us each a shot of dopamine to our brains that made Christmas morning almost euphoric.
Despite the incredible highs of Christmas morning, I always felt a correspondingly low crash by Christmas afternoon. After we ripped through all of the presents, I felt a longing for something more. It was almost if I felt empty inside after playing with all these new toys.
By the time I made it to adulthood, time was scarce, and my living space became full of stuff. Stuff that I had purchased for a good reason at the time but yet later often never seemed to need.
For years now, whenever a family member has asked me what I want for my birthday or Christmas I have answered time. Indeed, anything a family member can do to help me free up time is a gift that I will always cherish. Time, not stuff, is what makes me happy now.
I always thought that my quest for more time, not stuff made be a bit odd. Now, after this new Harvard University study, perhaps I was on to something...
The New Harvard Study: Buying Time versus Stuff
In this recently published buying time versus stuff Harvard study, researchers included 6,271 people from the US, Canada, and Europe. From these 6,271 people, researchers analyzed their buying habits and self-reported life satisfaction.
As you might imagine, this large sample size included the wealthy, poor, and middle class from a number of different countries. To confirm their findings of these 6,271 people, Harvard researchers added a second component to this study. They gave a portion of these people $40 on two separate weekends. With a study design like this, I still wish I could have participated in this study and pocketed $40 on two different weekends!
On one weekend, study participants were told to spend the $40 on things that could save them time like a house cleaner, handyman, or even a neighborhood kid to run some errands for them. On the other weekend, they were told to go out and buy something with the $40. After spending the $40, study participants were called and asked about how happy they felt and their stress levels.
The 6 Findings of the Harvard Study
Rather than keep you in suspense any longer, here are the six key findings of this study.
1. Buying time, rather than stuff, increased happiness by 16%.
2. Spending money to create more free time, instead of accumulating more material possessions, decreased perceived stress by 17%.
3. Regardless of whether you are a millionaire or just struggling to survive, buying time resulted in more happiness and less stress.
4. Contrary to conventional wisdom, cash strapped Americans benefited more from "buying time" than millionaires or people from any of the other countries. Perhaps this says something about how jam packed our lives are in the US.
5. Only 2% of people in the US, Canada, or Europe reported that they would ever spend money to free up more personal time.
6. Outsourcing some of your "to do list" seemed to be much more beneficial for women in reducing their stress and increasing their happiness.