Time is precious, and Americans know it.
To gauge how precious, financial planning firm Empower asked 2,204 adults between March 11 and 14 how much money they thought an hour of their time was worth.
On average, Americans valued their time at $240 an hour. And based on a standard 40-hour week, that puts their perceived value at $499,200 a year, or nearly eight times higher than the average U.S. salary of $59,384.
Because people value their time so highly, many are willing to spend money to get a little more or achieve a happier life, the survey showed.
“It’s a race to find happiness, whether that’s a better work-life balance or a $7 daily cup of coffee,” Empower said.
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What age group values their time the most?
How much value you put on time depends on your age, the data showed.
- Millennials (born from 1981 to 1996) place the highest value on their time, saying an hour was worth $328.84, with a quarter of them pegging that at more than $500 – the highest percentage of any generation. Only 6% of Boomers priced an hour at $500 or more.
- Gen Z (born from 1997 to 2012) said an hour of their time would cost $266.92.
- Gen X’ (born from 1965 to 1980) said their time was worth $215.90 an hour.
- Boomers (from 1946 to 1964) said an hour of their time is worth $137.19.
Millennials value their time more because of their sense of lost time, like the 2008 financial crisis when many entered the workforce, or the volatility later…
