A new study from the University of British Columbia and the Harvard Business School has determined that spending money to buy more free time — such as paying for someone to do household chores or cooking — is linked to greater happiness.
"People who hire a housecleaner or pay the kid next door to mow the lawn might feel like they're being lazy," said Ashley Whillans, assistant professor at Harvard Business School. "But our results suggest that buying time has similar benefits for happiness as having more money."
The study looked into the age-old adage that money can’t buy happiness, but money used to buy more free time can indeed lead to a greater level of satisfaction.
The study surveyed more than 6,000 adults in the U.S., Denmark, Canada and the Netherlands who were asked if and how much they spent each month to buy free time. They then rated life satisfaction and their feelings about time stress.
Those that spent money on time saving purchases reported greater life satisfaction.
"The benefits of buying time aren't just for wealthy people," said Elizabeth Dunn, a UBC psychology professor. "We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum."
In another test, researchers conducted a field test of 60 adults who were given $40 to spend on time saving purchases on one weekend and $40 on material purchases on another weekend. The results were that people felt happier when they spent money on time saving purchases than material purchases.
Despite these benefits, researchers were surprised that few people choose to spend money on time savings. A sample of 850 millionaires showed that almost half reported spending no money on outsourced disliked tasks. A survey of 98 working adults showed only 2 percent of them would use a windfall of $40 on time saving purchases.
"Although buying time can serve as a buffer against the time pressures of daily life, few people are doing it even when they can afford it," Dunn said. "Lots of research has shown that people benefit from buying their way into pleasant experiences, but our research suggests people should also consider buying their way out of unpleasant experiences."
The full research can be found in the journal Proceedings of the National Academy of Sciences.
